Suppose you deposit $5,000 into an account at the end of 2021, $4,500 at the end of 2022, $4000 at the end of 2023, and $3500 at the end of 2024. if the account earns 6% interest annually, how much have you accumulated immediately after the last payment? A $19,750 $16,742 $18,748 $17,746
Suppose you deposit $5,000 into an account at the end of 2021, $4,500 at the end of 2022, $4000 at the end of 2023, and $3500 at the end of 2024. if the account earns 6% interest annually, how much have you accumulated immediately after the last payment? A $19,750 $16,742 $18,748 $17,746
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 36P
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Here in this question, we are required to calculate how much amount will be accumulated after last payment.
For calculating that, we need to prepare schedule which contains the column opening balance, amount deposited, interest income amount and closing balance.
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