A person plans to make a series of equal quarterly deposits of $1,500 each into a savings account, which pays 6.5%, compounded daily. The first deposit is made at the start of the first quarter and the last payment is paid at the end of the last quarter. Show work to determine how much will be accumulated in the savings account after ten years, right after the last deposit is made? Assume 91 days per quarter and 365 days per year.
A person plans to make a series of equal quarterly deposits of $1,500 each into a savings account, which pays 6.5%, compounded daily. The first deposit is made at the start of the first quarter and the last payment is paid at the end of the last quarter. Show work to determine how much will be accumulated in the savings account after ten years, right after the last deposit is made? Assume 91 days per quarter and 365 days per year.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 11PROB
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