2-33 FV for uneven cash flow: You want to buy a house within 3 years, and you are currently saving for the down payment.
BH Fundamentals of financial management By Eugene F. Brigham, Joel F. Houston
CHAPTER 2 - 33 Time Value Money
2-33 FV for uneven cash flow: You want to buy a house within 3 years, and you are currently saving for the down payment. You plan to save $5000 at the end of the first year, and you anticipate that your annual savings will increase by 10 percent annually thereafter. Your expected annual return is 7 percent. How much would you have for a down payment at the end of year 3?
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