You deposit $2,000 in an account today earning 8% per year.  Five years from today, you make another deposit.  After 20 total years from today, you have $28,354.93 in the account.  What was the amount of that deposit in year five?  Round to the nearest dollar, use the $ symbol and comma if necessary.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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You deposit $2,000 in an account today earning 8% per year.  Five years from today, you make another deposit.  After 20 total years from today, you have $28,354.93 in the account.  What was the amount of that deposit in year five?  Round to the nearest dollar, use the $ symbol and comma if necessary. 

 

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