A deposit of $800 is planned for the end of each year into an account paying 8%/year compounded annually. The deposits were not made for the 10th and 11th years. All other deposits were made as planned. What amount will be in the account after the deposit at the end of year 25? a. $55,397 b. $55,357 c. $59,537 d. $53,597.
A deposit of $800 is planned for the end of each year into an account paying 8%/year compounded annually. The deposits were not made for the 10th and 11th years. All other deposits were made as planned. What amount will be in the account after the deposit at the end of year 25? a. $55,397 b. $55,357 c. $59,537 d. $53,597.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 26P
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A deposit of $800 is planned for the end of each year into an account paying 8%/year compounded annually. The deposits were not made for the 10th and 11th years. All other deposits were made as planned. What amount will be in the account after the deposit at the end of year 25? a. $55,397 b. $55,357 c. $59,537 d. $53,597.
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