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Future Value Kyle has $1,400 in cash received for high school graduation gifts from various relatives. He wants to invest it in a certificate of deposit (CD) so that he will
have a down payment on a car when he graduates from college in five years. His bank will pay 5% per year, compounded annually, for the fiveyear CD. How much will
Kyle have in five years to put down on his car?
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In five years, the amount Kyle will have to put down on his car is $. (ignore the effect of income taxes and round your answer to the nearest cent.) (Use your
financial calculator or you may use the Financial Tables in Arrondix C in computing your answer, )
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