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Jan Green established a savings account for her son's college education by making annual deposits of $10,000 at the beginning of each of 5 years
Jan Green established a savings account for her son's college education by making annual deposits of $10,000 at the beginning of each of 5 years to a savings account paying 10%. At the end of the 5th year, the account balance was transferred to a bank paying 10%, and annual deposits of $10,000 were made at the end of each year from the sixth through the eleventh years. What was the account balance at the end of the eleventh year? Future value of 1 for 5 periods of an ordinary annuity at 10%=6.10510.
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