Suppose you make 30 annual investments in a fund that pays 6% compounded annually. If your first deposit is $7,500 and each successive deposit is 6% greater than the preceding deposit, how much will be in the fund immediately after the 30th deposit?

Suppose you make 30 annual investments in a fund that pays 6% compounded annually. If your first deposit is $7,500 and each successive deposit is 6% greater than the preceding deposit, how much will be in the fund immediately after the 30th deposit?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....

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