You put $8000 into an account earning 3%. After 2 years, you make another deposit into the same account. Seven years later ( that is, 9 years after your original $8000 deposit), the account balance is $21000. What was the amount of the deposit at the end of year 2?

You put $8000 into an account earning 3%. After 2 years, you make another deposit into the same account. Seven years later ( that is, 9 years after your original $8000 deposit), the account balance is $21000. What was the amount of the deposit at the end of year 2?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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