An individual saves $5000 in a bank account at the beginning of each year for 10 years.
Question:
An individual saves $5000 in a bank account at the beginning of each year for 10 years. No further savings or withdrawals are made from the account. Determine the total amount saved if the annual interest rate is 8% compounded:
(a) annually;
(b) semi-annually.
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a 50001080 5000108 5000108 50001085000108 50001080 10801 1081 5000108x 7822744 b ...View the full answer
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