Question
On each December 31, you plan to deposit $3,500 in a savings account. The account will earn 13 percent annual interest, which will be added
On each December 31, you plan to deposit $3,500 in a savings account. The account will earn 13 percent annual interest, which will be added to the fund balance at year-end. The first deposit will be made December 31, 2014 (end of period). (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) |
2. What will be the balance in the savings account at the end of the 6th year (i.e., after 6 deposits)? |
- Balance in the savings account
3. | What is the interest earned on the 6 deposits? - Interest earned
Interest Revenue 2015 2016
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