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3) A person deposits $10,000 into an account that pays 8% compounded yearly. How much money will be in the account after 9 years? 4)
3) A person deposits $10,000 into an account that pays 8% compounded yearly. How much money will be in the account after 9 years? 4) What is the accumulated amount resulting from a series of equal yearly deposits of $1,000 for 6 years if the interest rate is 9% per year compounded yearly? Assume that the first deposit is made 1 year from now. 5) What is the present value of a 15 year series of decreasing amounts if the interest rate is 6% compounded annually, the first year amount is $50,000 and the rate of decrease is $2,000 per year
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