You decide to make annual deposits of $300.00 for 12 years into an account which pays 5% compounded annually. Once the payments stop, you plan to leave the money in the account for an additional 7 years. How much money will be in the account at the end of this time?
You decide to make annual deposits of $300.00 for 12 years into an account which pays 5% compounded annually. Once the payments stop, you plan to leave the money in the account for an additional 7 years. How much money will be in the account at the end of this time?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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You decide to make annual deposits of $300.00 for 12 years into an account which pays 5% compounded annually. Once the payments stop, you plan to leave the money in the account for an additional 7 years. How much money will be in the account at the end of this time?
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