Question
need help on these 3question with formulas 1) Suppose you deposited $2,388 in a bank account at the end of each year for the next
need help on these 3question with formulas
1) Suppose you deposited $2,388 in a bank account at the end of each year for the next 4 years. How much would be in that account at the end of the 4th year if the deposits earned 7% interest each year? (Work out the problem on a separate sheet of paper before entering the answer.) (Round up your answer to two decimal point
2) Suppose you want to create a "college fund" for your newborn child and plan to deposit $3,956 in a bank account at the end of each of the next 12 years. If the account paid 10% interest per year, how much will be in the account at the end of the 12th year? (Work out the problem on a separate sheet of paper before entering the answer.) (Round up your answer to two decimal point)
3) Suppose you have been saving for the last 6 years to buy a new mountain bike. If you have been depositing $116 per month in a bank account which gives 15% APR. How much do you now have in your bank account? (Work out the problem on a separate sheet of paper before entering the answer.) (Round your answer to two decimal point
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