Calculate the future worth of 20 annual $4,000 deposits in a savings accountthat earns 8% compounded monthly. Assume all deposits are made at thebeginning of each year.(a) $196,010(b) $J88,196(c) $190,162(cl) $199.279

Calculate the future worth of 20 annual $4,000 deposits in a savings accountthat earns 8% compounded monthly. Assume all deposits are made at thebeginning of each year.(a) $196,010(b) $J88,196(c) $190,162(cl) $199.279

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 10PROB

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Question

Calculate the future worth of 20 annual $4,000 deposits in a savings account
that earns 8% compounded monthly. Assume all deposits are made at the
beginning of each year.
(a) $196,010
(b) $J88,196
(c) $190,162
(cl) $199.279

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