Bill made a budget and planned to deposił $150 a month in a savings account, beginning September 1. He did this, but on the following January 1, he re- duced the monthly deposits to $100 a month. In all he made 18 deposits, four at $150 and 14 at $100. If the savings account paid 6% interest, compounded monthly, what was the future worth of his savings account immediately after he made the last deposit? (Answer: $2094.42)

Bill made a budget and planned to deposił $150 a month in a savings account, beginning September 1. He did this, but on the following January 1, he re- duced the monthly deposits to $100 a month. In all he made 18 deposits, four at $150 and 14 at $100. If the savings account paid 6% interest, compounded monthly, what was the future worth of his savings account immediately after he made the last deposit? (Answer: $2094.42)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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