You are planning to make annual deposits of $3,600 into a retirement account that pays 8 percent interest compounded monthly. How large will your account balance be in 25 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Future value

You are planning to make annual deposits of $3,600 into a retirement account that pays 8 percent interest compounded monthly. How large will your account balance be in 25 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Future value

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 8CE

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Question

You are planning to make annual deposits of $3,600 into a retirement account that pays
8 percent interest compounded monthly. How large will your account balance be in 25
years? (Do not round intermediate calculations and round your answer to 2 decimal
places, e.g., 32.16.)
Future value
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