Question
You deposit $7,114 today in a bank account that promises simple interest payments (yearly) at a rate of 13%. If you do not withdraw
You deposit $7,114 today in a bank account that promises simple interest payments (yearly) at a rate of 13%. If you do not withdraw neither your initial deposit nor your interest gains, how much money will you have in such account in 20 years? Hint: Keep in mind in simple interest you do not gain interest on your interest gains (payments). These interest gains are not "reinvested". Keep in mind: If you are using your BA-II Plus calculator, you should plug the rate as percentage (integer). If you are solving by hand you should plug the rate as decimal.
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