Question
A graduate wants to save for a new house. The graduate will contribute at the end of every year for the next ten years
A graduate wants to save for a new house. The graduate will contribute at the end of every year for the next ten years to a mutual fund that pays 6.0% APR. At the end of the first year, the graduate will contribute $6,000 to the fund. With each additional year, the graduate will increase her contribution by 2% APR. In ten years, she will use the money in this account for a down payment on the house. How much will be in the account at the end of the 10th year? (ROUND TO THE NEAREST DOLLAR)
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Personal Finance Turning Money into Wealth
Authors: Arthur J. Keown
8th edition
134730364, 978-0134730363
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