Answer:
the amount have in 25 years is $317,628
Explanation:
The computation of the amount have in 25 years is shown below:
PMT = Payment saved per year
= $3,000 + $750
= $3,750.00
N = Periods of payment = 25 years
R = Rate = 9%
Now the formula is
FV = (PMT × ((1 + R)^N-1) ÷ (R)
= $3,750 × ((1 + 9%)^25-1) ÷ (9%)
= $317,628
Hence, the amount have in 25 years is $317,628
