7. 7. An individual deposits an annual bonus into a savings account that pays 6% interest compounded annually. The size of the bonus increases by $5,000 each year, and the initialbonus amount was $20,000. Determine how much will be in the account immediately after the fifth deposit.6 Click the icon to view the interest factors for discrete compounding when i= 6% per year.Immediately after the fifth deposit there will be $thousand in the account. (Round to the nearest whole number.)6: More InfoSingle PaymentEqual Payment SeriesGradient SeriesCompoundPresentCompoundSinkingPresentCapitalGradientGradientAmountWorthAmountFundWorthRecoveryFactor(A/P, i, N)UniformPresentFactorFactorFactorFactorFactorSeriesWorthN(F/P, i, N)(P/F, i, N)(F/A, i, N)(A/F, i, N)(P/A, i, N)(A/G, i, N)(P/G, i, N)11.06000.94341.00001.00000.94341.06000.00000.000021.12360.89002.06000.48541.83340.54540.48540.890031.19100.83963.18360.31412.67300.37410.96122.569241.26250.79214.37460.22863.46510.28861.42724.94551.33820.74735.63710.17744.21240.23741.88367.93456.1.41850.70506.97530.14344.91730.20342.330411.459471.50360.66518.39380.11915.58240.17912.767615.449781.59380.62749.89750.10106.20980.16103.195219.84161.68950.591911.49130.08706.80170.14703.613324.5768101.79080.558413.18080.07597.36010.13594.022029.6023

Interest rate = 6% First deposit = $20000 Annual increase in deposits = $5000 Number of annual…

7. An individual deposits an annual bonus into a savings account that pays 6% interest compounded annually. The size of the bonus increases by $5,000 each year, and the initial bonus amount was $20,000. Determine how much will be in the account immediately after the fifth deposit. 6 Click the icon to view the interest factors for discrete compounding when i= 6% per year. Immediately after the fifth deposit there will be $ thousand in the account. (Round to the nearest whole number.)

7. An individual deposits an annual bonus into a savings account that pays 6% interest compounded annually. The size of the bonus increases by $5,000 each year, and the initial bonus amount was $20,000. Determine how much will be in the account immediately after the fifth deposit. 6 Click the icon to view the interest factors for discrete compounding when i= 6% per year. Immediately after the fifth deposit there will be $ thousand in the account. (Round to the nearest whole number.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 31P

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