You make five annual deposits of $1,800 into a savings account that pays interest at a rate of 3% per year. One year after making the last deposit, the interest changes to 4% per year. How much money will you have five years after the last deposit?
You make five annual deposits of $1,800 into a savings account that pays interest at a rate of 3% per year. One year after making the last deposit, the interest changes to 4% per year. How much money will you have five years after the last deposit?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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You make five annual deposits of $1,800 into a savings account that pays interest at a rate of 3% per year. One year after making the last deposit, the interest changes to 4% per year. How much money will you have five years after the last deposit?
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