Question A It's the first day of the year and you currently have $4,000 in the bank. You plan to deposit $700 at the end of every year for the next 55 years, with the first payment made 1 year from now (payments from t=1 to t=55 inclusive). If bank interest rates are 9% pa, how much money will be in your bank account a moment after making your last deposit in 55 years?
Question A It's the first day of the year and you currently have $4,000 in the bank. You plan to deposit $700 at the end of every year for the next 55 years, with the first payment made 1 year from now (payments from t=1 to t=55 inclusive). If bank interest rates are 9% pa, how much money will be in your bank account a moment after making your last deposit in 55 years?
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 8EB: You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how...
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It's the first day of the year and you currently have $4,000 in the bank. You plan to deposit $700 at the end of every year for the next 55 years, with the first payment made 1 year from now (payments from t=1 to t=55 inclusive). If bank interest rates are 9% pa, how much money will be in your bank account a moment after making your last deposit in 55 years? answer is $3,398,689.19
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