Question
Suppose we start with a deposit of $200, then add $50 at the end of each month (i.e the end of each compound period) into
Suppose we start with a deposit of $200, then add $50 at the end of each month (i.e the "end of each compound period") into an account paying 4% (APR) interest. Assume that the account is compounded with the same frequency at which we make deposits (so compounded monthly). What will your account balance be after 5 years?
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Financial Reporting and Analysis
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
6th edition
9780077632182, 78025672, 77632184, 978-0078025679
