A deposit of $800 is planned for the end of each year into an account paying 8 percent/year compounded annually. The deposits were not made for the tenth and eleventh years. All other deposits were made as planned. What amount will be in the account after the deposit at the end of year 25? Select one: a. $59,537 b. $55,397 c. $53,597 d. $55.397
A deposit of $800 is planned for the end of each year into an account paying 8 percent/year compounded annually. The deposits were not made for the tenth and eleventh years. All other deposits were made as planned. What amount will be in the account after the deposit at the end of year 25? Select one: a. $59,537 b. $55,397 c. $53,597 d. $55.397
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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A deposit of $800 is planned for the end of each year into an account paying 8 percent/year compounded annually. The deposits were not made for the tenth and eleventh years. All other deposits were made as planned. What amount will be in the account after the deposit at the end of year 25?
Select one:
a. $59,537
b. $55,397
c. $53,597
d. $55.397
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