Question
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
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).
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