Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If a person spends $15 a week on coffee (assume $750 a year), what would be the future value of that amount over 10 years

If a person spends $15 a week on coffee (assume $750 a year), what would be the future value of that amount over 10 years if the funds were deposited in an account earning 3 percent?

Part 2 of the question assume the person deposits half the money at mid-year and the remaining half at year-end the account still earns 3% per year what would the amount be in 10 years?

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

Students also viewed these Accounting questions