Question
A woman deposits $15,000 at the end of each year for 9 years in an account paying 6% interest compounded annually. (a) Find the final
A woman deposits $15,000 at the end of each year for 9 years in an account paying 6% interest compounded annually.
(a) Find the final amount she will have on deposit.
(b) Her brother-in-law works in a bank that pays 5% compounded annually. If she deposits money in this bank instead of the other one. How much will she have in her account?
(c) How much would she lose over 9 years by using her brother-in-law's bank?
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Finite Mathematics and Its Applications
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
12th edition
978-0134768588, 9780134437767, 134768582, 134437764, 978-0134768632
