Question
Assume that your uncle starts an account for you in a mutual fund with an initial deposit of $100 today. He also makes $100 deposits
Assume that your uncle starts an account for you in a mutual fund with an initial deposit of $100 today. He also makes $100 deposits at the end of each of year 1 and the end of year 2 (i.e. three deposits in all). After the third deposit, he will make no more contributions. Assuming the fund averages a 9% annual return, what will the balance in the account be at the end of the 6th year?
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Foundations Of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
11th Canadian Edition
1259024970, 978-1259265921
