Today you are opening a savings account and depositing an initial $5,000 into it. You plan to deposit $6,500 into the account two years from today and deposit another $8,000 four years from today. How much will you have in your account five years from today if you earn an 11 percent rate of return? A) $25,314.60 B) $26,194.89 C) $32,858.63 D) $29,602.37 (Please try to explain by using a Financial Calculator)
Today you are opening a savings account and depositing an initial $5,000 into it. You plan to deposit $6,500 into the account two years from today and deposit another $8,000 four years from today. How much will you have in your account five years from today if you earn an 11 percent rate of return? A) $25,314.60 B) $26,194.89 C) $32,858.63 D) $29,602.37 (Please try to explain by using a Financial Calculator)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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Today you are opening a savings account and depositing an initial $5,000 into it. You plan to deposit $6,500 into the account two years from today and deposit another $8,000 four years from today. How much will you have in your account five years from today if you earn an 11 percent rate of return?
A) $25,314.60
B) $26,194.89
C) $32,858.63
D) $29,602.37
(Please try to explain by using a Financial Calculator)
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