t's the first day of the year and you currently have $4,500 in the bank. You plan to deposit $100 at the end of every year for the next 52 years, with the first payment made 1 year from now ( payments from t = 1 tot = 52 inclusive). If bank interest rates are 9% pa, how much money will be in your bank account a moment after making your last deposit in 52 years? Question 10Select one: a. $397,548.76 b. $398,647.3 C. $453,759.49 d. $494,597.84 e. $856, 938.45
t's the first day of the year and you currently have $4,500 in the bank. You plan to deposit $100 at the end of every year for the next 52 years, with the first payment made 1 year from now ( payments from t = 1 tot = 52 inclusive). If bank interest rates are 9% pa, how much money will be in your bank account a moment after making your last deposit in 52 years? Question 10Select one: a. $397,548.76 b. $398,647.3 C. $453,759.49 d. $494,597.84 e. $856, 938.45
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:t's the first day of the year and you currently have $4,500 in the
bank. You plan to deposit $100 at the end of every year for the
next 52 years, with the first payment made 1 year from now (
payments from t = 1 tot = 52 inclusive).
If bank interest rates are 9% pa, how much money will be in
your bank account a moment after making your last deposit in
52 years?
Question 10Select one:
a.
$397,548.76
b.
$398,647.3
C.
$453,759.49
d.
$494,597.84
e.
$856, 938.45
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