Question
Annuity Kenny Campbell has decided to start saving for his Granddaughter's college education by depositing $3,200 at the end of every year for 10 years.
Annuity
Kenny Campbell has decided to start saving for his Granddaughter's college education by depositing $3,200 at the end of every year for 10 years. A bank has agreed to pay interest at the rate of 6% compounded annually.
Use the appropriate present or future value table:
FV of $1, PV of $1, FV of Annuity of $1 and PV of Annuity of $1
Required:
How much will Kenny have in the bank immediately after his 10th deposit? Round your answer to the nearest dollar. Use the full factor when calculating your results. $fill in the blank 1
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Cornerstones of managerial accounting
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
5th edition
978-1305302327, 130530232X, 978-1133943983
