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A rich aunt promised you $3,000 one year from today. In addition, each year after that, she has promised you a payment (on the anniversary
A rich aunt promised you $3,000 one year from today. In addition, each year after that, she has promised you a payment (on the anniversary of the last payment) that is 4% larger than the last payment. She will continue to show this generosity for 15 years, giving a total of 15 payments. If you put these payments in an account that pays 6% interest, how much will you have in this account in 15 years?
82,326 | ||
84,345 | ||
89,342 | ||
85,432 |
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