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Lauren plans to deposit $6000 into a bank account at the beginning of next month and $175/month into the same account at the end of that month and at the end of each subsequent month for the next 6 years. If her bank pays interest at a rate of 4%/year compounded monthly, how much will Lauren have in her account at the end of 6 years? (Assume she makes no withdrawals during the 6-year period. Round your answer to the nearest cent

Lauren plans to deposit $6000 into a bank account at the beginning of next month and $175/month into the same account at the end of that month and at the end of each subsequent month for the next 6 years. If her bank pays interest at a rate of 4%/year compounded monthly, how much will Lauren have in her account at the end of 6 years? (Assume she makes no withdrawals during the 6-year period. Round your answer to the nearest cent

EBK CFIN
EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 11PROB
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Lauren plans to deposit $6000 into a bank account at the beginning of next month and $175/month into the same account at the end of that month and at the end of each subsequent month for the next 6 years. If her bank pays interest at a rate of 4%/year compounded monthly, how much will Lauren have in her account at the end of 6 years? (Assume she makes no withdrawals during the 6-year period. Round your answer to the nearest cent.)
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