How much will momin have saved after fifteen years, Finance Basics

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How much will momin have saved after fifteen years

Problem

Momin plans to buy a house on cash instead of paying mortgage. He plans to set aside $14400 at the end of each year for 15 years. He puts his savings in a Tax-Free Savings Account (TFSA) and invests them in a high-risk mutual fund, which has traditionally earned 12.2% annually. Money decreases in value by 2.5% per annum as well. How much will Momin have saved after 15 years?

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Finance Basics: How much will momin have saved after fifteen years

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