Sally deposited $250 a month in her savings account for 36 months. For the next 6 years she made no deposits. What is the future worth in Sally’s savings account at the end of the 9 years, if the account earned 2% annual interest, compounded monthly?

Sally deposited $250 a month in her savings account for 36 months. For the next 6 years she made no deposits. What is the future worth in Sally’s savings account at the end of the 9 years, if the account earned 2% annual interest, compounded monthly?

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

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