If you deposit $3,500 monthly into a savings account which earns 4.25% interest rate compounded annually, how much will you have after 10 years of saving? a. $598500 b. S510141 c. S636810 d. S522225 e. S42512

If you deposit $3,500 monthly into a savings account which earns 4.25% interest rate compounded annually, how much will you have after 10 years of saving? a. $598500 b. S510141 c. S636810 d. S522225 e. S42512

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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Question

If you deposit $3,500 monthly into a savings account which earns 4.25% interest rate compounded annually, how much will you have after 10 years of saving?
a. $598500
b. S510141
c. S636810
d. S522225
e. S42512

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