For 30 years, lilly contributed $180 every month to savings accountthat earns 1.6% interestcompounded monthly. After the 30 years, he stopped his regular contributions and let the account grow for the next 15 years. Determine the balance of the account at the end to the 45 years that he hadhis account.
For 30 years, lilly contributed $180 every month to savings accountthat earns 1.6% interestcompounded monthly. After the 30 years, he stopped his regular contributions and let the account grow for the next 15 years. Determine the balance of the account at the end to the 45 years that he hadhis account.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 10PROB
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For 30 years, lilly contributed $180 every month to savings accountthat earns 1.6% interestcompounded monthly. After the 30 years, he stopped his regular contributions and let the account grow for the next 15 years. Determine the balance of the account at the end to the 45 years that he hadhis account.
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