Math Question Help Needed

Accounting
Tutor: None Selected Time limit: 1 Day

Jim expects to receive a gift of $1000 when he graduate 1 year from today. Jim can invest his gift at 6% compounded annually and he would like to use the funds in 4 years a car. How much will he have in 4 years to spend on a car?

Jun 5th, 2015

Thank you for the opportunity to help you with your question!

P=1000

R=6%

N=4

A=P(1+R/100)^N

A=1000(1+0.06)^4

A=1262.48 DOLLARS

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 5th, 2015

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