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With wages from a summer job you make a total of 10 deposits at $955 per month into a savings account earning 5.22% compounded monthly.
With wages from a summer job you make a total of 10 deposits at $955 per month into a savings account earning 5.22% compounded monthly. At the time of the last deposit, you close the savings account and invest all the money in stocks with the intention of leaving the stocks alone for the subsequent 15 years (dividends automatically are reinvested). The stocks are expected to provide an average annual return of 23.64% compounded monthly. When you finally sell the stocks, how much do you get?
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