Suppose a recent college graduate's first job alows her to deposit S100 at the end of each month ina svgt pla tut years before Dew obligations maket impossibe to continue If the accrued amount temams in the plan for the next 15 years without deposits or withdrawas, how much meney will be in the account 21 years after the plan began (Round vour answer to the neacest cent.) Need Help?

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 16PROB
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PRACTICE ANOTHER
1.
Suppose a recent college graduate's first job allows her to deposit SL00 at the end of each month in a savings plan that earns 9%, compounded monthly, This savings plan continues for 6
years before new obligations make t impossible to continun. If the accnued amount remams in the plan for the hext 15 years without deposits or withdrawals, how much money wilr be in
the account 21 years after the plan began (Round vour answer to the nearest cent.)
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Rad
OShow My Work
Transcribed Image Text:MY NOTES PRACTICE ANOTHER 1. Suppose a recent college graduate's first job allows her to deposit SL00 at the end of each month in a savings plan that earns 9%, compounded monthly, This savings plan continues for 6 years before new obligations make t impossible to continun. If the accnued amount remams in the plan for the hext 15 years without deposits or withdrawals, how much money wilr be in the account 21 years after the plan began (Round vour answer to the nearest cent.) Need Help? Rad OShow My Work
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