Gilbert has just started saving for a new horse. He plans to make savings payments of $700 each year for the next 5 years and has just made his payment. How much will he have saved at the end of year 5 if the interest rate is 4.5%

the value that should be saved is $4,001.82

Explanation:

The computation of the amount that should be saved at the year end of 5 years in that case where the rate of interest is 4.5% is shown below:

Value in 5 years is

= (1 + rate) × Annual Payment × [{(1 + rate)number of years - 1} ÷ rate]

= (1 + 0.045) × $700 × [{(1 + 0.045)^5 - 1} ÷ 0.045]

= $731.50 × [0.2462 ÷ 0.045]

= $731.50 *×5.4707

= $4,001.82

Hence, the value that should be saved is $4,001.82

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