Suppose that you place $1,000 in a bank account each year for the next 20 years. How much would be in your bank account at the end of the twentieth year if the deposits earned an annual rate of return of 4% each year?Answer:$29,778.0786 will be in the account after 20 years. Question: Repeat above question for annuity due.
Suppose that you place $1,000 in a bank account each year for the next 20 years. How much would be in your bank account at the end of the twentieth year if the deposits earned an annual rate of return of 4% each year?Answer:$29,778.0786 will be in the account after 20 years. Question: Repeat above question for annuity due.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 7Q
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Suppose that you place $1,000 in a bank account each year for the next 20 years. How much would be in your bank account at the end of the twentieth year if the deposits earned an annual
- Question: Repeat above question for
annuity due.
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