After paying for their children's college education, Amy and Randy have $15,000 in annual savings. They deposit $15,000 at the end of each year into a retirement account that pays 7.5% interest per year compounded annually. How much money will they have in that account at the end of the 15th year? (answer in whole number)
After paying for their children's college education, Amy and Randy have $15,000 in annual savings. They deposit $15,000 at the end of each year into a retirement account that pays 7.5% interest per year compounded annually. How much money will they have in that account at the end of the 15th year? (answer in whole number)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 14P
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