Gina has planned to start her college education four years from now. To pay for her college education, she has decided to save $1,000 a quarter for the next four years in a bank account paying 12 percent interest. How much will she have at the end of the fourth year? O a. $16,00O O b. $1,574 O c. $19,116 O d. $20,157

Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 6E
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Gina has planned to start her college education four years from now. To pay for her
college education, she has decided to save $1,000 a quarter for the next four years
in a bank account paying 12 percent interest. How much will she have at the end of
the fourth year?
O a. $16,000
O b. $1,574
O c. $19,116
O d. $20,157
Transcribed Image Text:Gina has planned to start her college education four years from now. To pay for her college education, she has decided to save $1,000 a quarter for the next four years in a bank account paying 12 percent interest. How much will she have at the end of the fourth year? O a. $16,000 O b. $1,574 O c. $19,116 O d. $20,157
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