If $1,500 is deposited in a savings account at the beginning of each year for 20 years (a total number of deposits= 20) and the account draws interest at 8% compounded annually, the value of the account at the end of 20 years will be nearly:(a) $71,400(b)$74,936(c) $74,996(d)$74,144
If $1,500 is deposited in a savings account at the beginning of each year for 20 years (a total number of deposits= 20) and the account draws interest at 8% compounded annually, the value of the account at the end of 20 years will be nearly:(a) $71,400(b)$74,936(c) $74,996(d)$74,144
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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If $1,500 is deposited in a savings account at the beginning of each year for 20 years (a total number of deposits= 20) and the account draws interest at 8% compounded annually, the value of the account at the end of 20 years will be nearly:
(a) $71,400
(b)$74,936
(c) $74,996
(d)$74,144
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