Juan decided to start saving for college. He deposited $500 into an account that earns 4% simple annual interest. At the end of each year, he will add $250 to this account. How much will he have in his account after the end of three years? a $550 b $770 c $1,050.80 d $1,342.83
Juan decided to start saving for college. He deposited $500 into an account that earns 4% simple annual interest. At the end of each year, he will add $250 to this account. How much will he have in his account after the end of three years? a $550 b $770 c $1,050.80 d $1,342.83
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.17E
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Question
Juan decided to start saving for college. He deposited $500 into an account that earns 4% simple annual interest. At the end of each year, he will add $250 to this account. How much will he have in his account after the end of three years?
a
|
$550
|
b
|
$770
|
c
|
$1,050.80
|
d
|
$1,342.83
|
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