3. Your beginning salary is $60,000.00. Assume your salary increases by 5% per year. You deposit 10% of your salary at the end of each year for 3 years in a savings account that earns 6% interest annually. How much money will you have in the savings account at the end of 4 years?
3. Your beginning salary is $60,000.00. Assume your salary increases by 5% per year. You deposit 10% of your salary at the end of each year for 3 years in a savings account that earns 6% interest annually. How much money will you have in the savings account at the end of 4 years?
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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