Miller's hardware plans on saving $42,000, $54,000, and $58,000 at the end of each year for the next three years, respectively. how much will the firm have saved at the end of the three years if it can earn 4.5% on its savings

The amount saved by the firm at the end of the three years if it can earn 4.5% on its savings is  $167,508.33.

Savings are the funds left over after expenditures and other commitments have been subtracted from earnings. Savings reflect money that would otherwise be idle and not invested or used on consuming. Saving also entails lowering expenses, such as recurrent charges.

According to the question, Miller's Hardware intends to save $42,000, $54,000, and $58,000 at the conclusion of each of the next 3 years. The savings of the firm can be computed as follows:-

Future Value = (first year savings x interest rate) + (second year savings x interest rate in decimal) + (third year savings X interest rate in decimal)

Future Value  = (42,000 x 1.045 + (54,000 x 1.045) + (58,000 X 1.045)

                       = $167,508.33

Therefore, it can be concluded that If the company can earn 4.5% on its investments, it will have saved $167,508.33 at the end of three years.

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