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Today you opened up a local bank account. Your plan is to make five $4,000 contributions to this account. The first $4,000 contribution will occur
Today you opened up a local bank account. Your plan is to make five $4,000 contributions to this account. The first $4,000 contribution will occur today and then every six months you will contribute another $4,000 to the account. (So your final $4,000 contribution will be made two years from today). The bank account pays a 6% APR that is compounded monthly. After two years, you plan to leave the money in the account earning interest, but you will not make any further contributions to the account.
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To calculate the amount you will have in the account 6 years from today considering the contributions and the interest earned we can break down the calculation into two parts 1 Calculation of the future value of the contributions You will make five contributions of 4000 each with the first contribution ...
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Data Analysis And Decision Making
Authors: Christian Albright, Wayne Winston, Christopher Zappe
4th Edition
538476125, 978-0538476126
