Beverly is considering starting her small family business in five years’ time. She has decided to deposit Sh.400,000 at the end of each year for 5 years in a savings account earning 10% per annum. How much will she have at the end of the five years if she decides to deposit 600,000 at the beginning of each year in the same account?
Beverly is considering starting her small family business in five years’ time. She has decided to deposit Sh.400,000 at the end of each year for 5 years in a savings account earning 10% per annum. How much will she have at the end of the five years if she decides to deposit 600,000 at the beginning of each year in the same account?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 35P
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Beverly is considering starting her small family business in five years’ time. She has decided to deposit
Sh.400,000 at the end of each year for 5 years in a savings account earning 10% per annum.
How much will she have at the end of the five years if she decides to deposit 600,000 at
the beginning of each year in the same account?
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