After paying for their children's college education, Amy and Randy have $15,000 in annual savings. They deposit $15,000 at the end of each year into a retirement account that pays 7.5% interest per year compounded annually. How much money will they have in that account at the end of the 15th year? (answer in whole number)

Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.18E
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After paying for their children's college education, Amy and Randy have $15,000 in annual savings. They deposit $15,000 at the end of each year into a retirement account that pays 7.5% interest per year
compounded annually. How much money will they have in that account at the end of the 15th year? (answer in whole number)
Transcribed Image Text:After paying for their children's college education, Amy and Randy have $15,000 in annual savings. They deposit $15,000 at the end of each year into a retirement account that pays 7.5% interest per year compounded annually. How much money will they have in that account at the end of the 15th year? (answer in whole number)
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