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Scenario:
Liam is saving for a down payment on a house. He′s currently working o
Scenario:
Liam is saving for a down payment on a house. He′s currently working online and independently managing his finances. Let′s help him figure out how much he′ll have saved by the end of year 3!
Information:
Liam has $35,000 saved already.
He expects a bonus of $12,000 at the end of year 1.
He plans to increase his monthly savings contributions starting in year 2.
He′ll contribute $2,000 per month in year 2 and year 3, totaling $24,000 per year.
Liam will invest all his savings in a mutual fund with a steady 5% annual return compounded yearly. (Compounded interest means interest is earned on both the initial investment and the accumulated interest from previous years.)
Goal:
Calculate how much money Liam will have in his account at the end of year 4 assuming he sticks to his savings plan and the investment performs as expected.
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