Steven just deposited $10,000 in a bank account that has a 12 percent nominal interest rate, and in the interest is compounded monthly. Steven also plans to contribute another $10,000 to the account one year (12 months) from now and another $20,000 to the account two years from now. How much will be in the account three years (36 months) from now? please show formula and calculation. please show manual calculation not in excel.
Steven just deposited $10,000 in a bank account that has a 12 percent nominal interest rate, and in the interest is compounded monthly. Steven also plans to contribute another $10,000 to the account one year (12 months) from now and another $20,000 to the account two years from now. How much will be in the account three years (36 months) from now? please show formula and calculation. please show manual calculation not in excel.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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Steven just deposited $10,000 in a bank account that has a 12 percent nominal interest rate, and in the interest is compounded monthly. Steven also plans to contribute another $10,000 to the account one year (12 months) from now and another $20,000 to the account two years from now. How much will be in the account three years (36 months) from now?
please show formula and calculation.
please show manual calculation not in excel.
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