Dave Bidini Has Saved $20,000 for a Down Payment on a Home

Short Answer

Dave Bidini has saved $20,000 for a down payment on a home and plans to save another $5,000 at the end of each year for the next five years. He expects to earn 7.25% compounded annually on his savings. How much will he have in five years' time? (Taken from CIFP course materials.)