Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Helen can earn 3% interest in her savings account. Her daughter
Roberta is 11 years old today. Suppose Helen deposits $4000
today, and one year from today she deposits $1000. Each year she
increases her deposit by $500 until she makes her last deposit on
Roberta's 18th birthday. How much is on deposit after the 18th
birthday, and what is the annual equivalent of her deposits?
13:17 ✓
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Transcribed Image Text:Helen can earn 3% interest in her savings account. Her daughter Roberta is 11 years old today. Suppose Helen deposits $4000 today, and one year from today she deposits $1000. Each year she increases her deposit by $500 until she makes her last deposit on Roberta's 18th birthday. How much is on deposit after the 18th birthday, and what is the annual equivalent of her deposits? 13:17 ✓
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