Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You currently have $10,000 in savings deposited in an account paying 7% in interest with annual compounding. You intend to make 20 end-of-year deposits

image

You currently have $10,000 in savings deposited in an account paying 7% in interest with annual compounding. You intend to make 20 end-of-year deposits (first deposit exactly one year from now) of $8,000 each in the same account. Find the balance of your account in exactly 20 years (immediately after the 20th annual deposit). Round your answer to the nearest cent but omit the $ sign (e.g 871.39).

Step by Step Solution

3.45 Rating (155 Votes )

There are 3 Steps involved in it

Step: 1

To find the balance of your account in exactly 20 years aft... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Java An Introduction To Problem Solving And Programming

Authors: Walter Savitch

8th Edition

0134462033, 978-0134462035

More Books

Students also viewed these Finance questions

Question

Describe six danger signs of a bust-out artist.

Answered: 1 week ago

Question

If M = 7, s = 2, and X = 9.5, what is z?

Answered: 1 week ago