You plan to make 15 annual deposits in a saving account that pays 6% interest compounded annually. If the first deposit of $1,200 is made al the end of the first year and each subsequent deposit is $400 more than the previous one, the value of the account at the end of 15 years will be nearly:(a) $87,021(b)$92,242(c) $97,777(d) $83,104
You plan to make 15 annual deposits in a saving account that pays 6% interest compounded annually. If the first deposit of $1,200 is made al the end of the first year and each subsequent deposit is $400 more than the previous one, the value of the account at the end of 15 years will be nearly:(a) $87,021(b)$92,242(c) $97,777(d) $83,104
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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You plan to make 15 annual deposits in a saving account that pays 6% interest compounded annually. If the first deposit of $1,200 is made al the end of the first year and each subsequent deposit is $400 more than the previous one, the value of the account at the end of 15 years will be nearly:
(a) $87,021
(b)$92,242
(c) $97,777
(d) $83,104
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