Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Susan deposits $6000 into a money market account earning 6% per year, and keeps depositing twice the amount every two years for a total of
Susan deposits $6000 into a money market account earning 6% per year, and keeps depositing twice the amount every two years for a total of 6 years, after she started the account. In other words she deposits $6000 on year 0, 12,000 on year 2, 24000 on year 4, and 48000 on year 6. How much money will she have in her account at the end of year 8 if the money was earning the initial interest rate for the entire time?
79,636
92,369
102,303
110,818
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started