Jim deposits $3,000 today an account that pays 10% per year and follows it up with three more deposits at the end of each of the next 3 years. Each subsequent deposit is $2,000 higher than the previous one. How much money will jim have accumulated in his account by the end of 3 years?
Jim deposits $3,000 today an account that pays 10% per year and follows it up with three more deposits at the end of each of the next 3 years. Each subsequent deposit is $2,000 higher than the previous one. How much money will jim have accumulated in his account by the end of 3 years?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 16PROB
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Jim deposits $3,000 today an account that pays 10% per year and follows it up with three more deposits at the end of each of the next 3 years. Each subsequent deposit is $2,000 higher than the previous one. How much money will jim have accumulated in his account by the end of 3 years?
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