How much will debbie have saved after fifteen years, Financial Accounting

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How much will debbie have saved after fifteen years

Problem

Debbie plans to buy a house for cash instead of paying a mortgage. She is willing to set aside $12 000 at the end of each year for 15 years. She invests the money in a high-risk mutual fund, which has traditionally earned 9.2% annually. Money decreases in value by 2.5% per annum. How much will Debbie have saved after 15 years?

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Financial Accounting: How much will debbie have saved after fifteen years

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