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Today you are just notified that you won a prize that gives you a total of 7 annual cash awards of $2,000 each, with the
Today you are just notified that you won a prize that gives you a total of 7 annual cash awards of $2,000 each, with the first award being made one year from today. You decide to save each of them in the bank and after the last cash award keep all the money saved until a future date. The bank pays a nominal annual interest rate of 15%. How much your account with the bank be if you leave the money in the bank to be withdrawn all in 9 years from today? Please help ASAP, thank you!
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