Rocio invests $170.00 a month for 9 years into an account earning 6% compounded monthly. After 9 years, she leaves the money, without making additional deposits, in the account for another 18 years. How much will she have in the end and what is the total amount of her deposits? Rocio will have_____ in her account at the end of 27 years______ and is the total amount of deposits she made. Hint

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 5E
icon
Related questions
Question

Rocio invests $170.00 a month for 9 years into an account earning 6% compounded monthly. After 9 years, she leaves the money, without making additional deposits, in the account for another 18 years. How much will she have in the end and what is the total amount of her deposits?

Rocio will have_____ in her account at the end of 27 years______ and is the total amount of deposits she made. Hint

Lucille didn't invest anything for the first 9 years, then deposited $170.00 a month for 18 years into an account earning 6% compounded monthly. How much will she have in the end and what is the total amount of her deposits?

Lucille will have______ in her account at the end of 27 years and ________is the total amount of deposits she made. 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Recommended textbooks for you
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
EBK CFIN
EBK CFIN
Finance
ISBN:
9781337671743
Author:
BESLEY
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
Corporate Fin Focused Approach
Corporate Fin Focused Approach
Finance
ISBN:
9781285660516
Author:
EHRHARDT
Publisher:
Cengage