Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you solve this as thought you are using a finanical calculator please? You just opened a brokerage account, depositing $4,500. You expect the account

can you solve this as thought you are using a finanical calculator please?
image text in transcribed
You just opened a brokerage account, depositing $4,500. You expect the account to earn an interest rate of 8.57%. You also plan on depositing $3,000 at the end of years 5 through 10 . What will be the value of the account at the end of 20 years, assuming you earn your expected rate of return? \begin{tabular}{|l|} \hline$74,108 \\ \hline$77,043 \\ \hline$71,344 \\ \hline$76,207 \\ \hline$80,026 \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Investment Management

Authors: Stephen Lofthouse

2nd Edition

047149237X, 9780471492375

More Books

Students also viewed these Finance questions

Question

Did you offer hard data that is verifiable? [D]

Answered: 1 week ago