After receiving an inheritance of $50,000 on her 21st birthday, Katlyn deposited the inheritance in a savings account with an effective annual interest rate of 3%. She decided to make regular deposits, beginning with $1000 on her 22nd birthday and increasing by $200 each year (i.e., $1200 on her 23rd birthday, $1400 on her 24th birthday, etc.). What was the future worth of Katlyn’s deposits after her deposit on her 66th birthday?

After receiving an inheritance of $50,000 on her 21st birthday, Katlyn deposited the inheritance in a savings account with an effective annual interest rate of 3%. She decided to make regular deposits, beginning with $1000 on her 22nd birthday and increasing by $200 each year (i.e., $1200 on her 23rd birthday, $1400 on her 24th birthday, etc.). What was the future worth of Katlyn’s deposits after her deposit on her 66th birthday?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 31P

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