SOLUTION: 1 A person wishes to deposit $5,000 per year in a savings account which earns interest of 8 percent per year compounded annually. Assume the first deposit is made at the end of thi
Algebra.Com
Question 1173097: 1 A person wishes to deposit $5,000 per year in a savings account which earns interest of 8 percent per year compounded annually. Assume the first deposit is made at the end of this current year and additional deposits at the end of each following year.
(a) To what sum will the investment grow at the time of the 10th deposit?
(b) How much interest will be earned?
Answer by ikleyn(52767) (Show Source): You can put this solution on YOUR website!
.
duplicate.
Just solved under this link
https://www.algebra.com/algebra/homework/Finance/Finance.faq.question.1173118.html
https://www.algebra.com/algebra/homework/Finance/Finance.faq.question.1173118.html
RELATED QUESTIONS
A person wishes to deposit $5,000 per year in a savings account which earns interest of 8 (answered by ikleyn)
a person wishes to deposits $5000 per year in a savings account which earns interest... (answered by ikleyn)
A person wishes to deposit $5,000 per year in a savings account which earns interest of 8 (answered by ikleyn)
A person wishes to deposit $5,000 per year (answered by greenestamps,ikleyn)
4. You are planning to deposit $15,000 into a bank account at the end of each year for 5... (answered by Theo)
A savings account pays 4% per year, a certificate of deposit pays 5.5% per year. How much (answered by ankor@dixie-net.com)
A company wants to deposit $500,000 per year in an investment which earns an interest of... (answered by Theo)
You deposit $3,000 in a savings account that earn 9% simple interest per year. How many... (answered by EMStelley)
A mother wishes to set up a savings account for her son's education. She plans on... (answered by ikleyn)