Mary Kate, Ashley, Dakota, and Elle each want to buy a new home. Each needs...
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Accounting
Mary Kate, Ashley, Dakota, and Elle each want to buy a new home. Each needs to save enough to make a 30% down payment. For example, to buy a $100,000 home, a person would need to save $30,000. At the end of each year for six years, the women make the following investments:
| Person | Annuity Payment | Type of Account | Expected Annual Return |
| Mary Kate | $2,900 | Savings | 3% |
| Ashley | 3,900 | CDs | 5 |
| Dakota | 4,900 | Bonds | 8 |
| Elle | 4,900 | Stocks | 10 |
|
1. Calculate how much each woman is expected to accumulate in the investment account by the end of the fourth year. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.)
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