You plan to save $6,000 per year for the next 8 years. After the last deposit, you will keep the money in the account for 2 more years. The account will earn an interest rate of 6.3 percent. How much will there be in the account 10 years from today?

$67,830

Explanation:

i/r = 6.3%

PMT = 6,000 (The annual savings amount)

n = 8 years

PV = 0

FV = ? (The account value at the end of 8th year)

Using financial calculator, we get FV = $60,028

At the end of 10 years from today, the account value will be

= $60,028 x 1.063^2 = $67,830

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