A deposit of $100 is made into a college fund at the beginning of each month for 10 years. The fund earns 9% annual interest, compounded monthly and paid at the end of the month. How much is in the account right after the last deposit?
A deposit of $100 is made into a college fund at the beginning of each month for 10 years. The fund earns 9% annual interest, compounded monthly and paid at the end of the month. How much is in the account right after the last deposit?
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.2: Exponential Functions
Problem 50E
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A deposit of $100 is made into a college fund at the beginning of each month for 10 years. The fund earns 9% annual interest, compounded monthly and paid at the end of the month. How much is in the account right after the last deposit?
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