Question
When equal payments are made at fixed intervals for a specified number of periods, you can treat them as an annuity / Purpentuity / or
When equal payments are made at fixed intervals for a specified number of periods, you can treat them as an annuity / Purpentuity / or complex cash flows.
You are planning to put $3,000 in the bank at the end of each year for the next five years in hopes that you will have enough money for a trip around the world. If you are investing at an annual interest rate of 6%, how much money will you have at the end of five yearsrounded to the nearest whole dollar?
$20,293
$13,529
$16,911
$17,926
Youve decided to deposit your money in the bank at the beginning of the year instead of the end of the year, but now you are making payments of $3,000 at an annual interest rate of 6%. How much money will you have available at the end of five yearsrounded to the nearest whole dollar?
$17,926
$16,911
$12,548
$25,096
I can't seem to get the correct answer on my financial calulator. Please show steps and inputs.
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