You have decided to start a savings plan for your retirement. You plan to make an annual deposit of $50,000 each year for the next 6 years. The first deposit to be made one year from today. The bank pays a nominal interest rate of 5% annually. How much your savings account with the bank be if you leave the money in the bank to be withdrawn all in 19 years from today? Round to the nearest $0.01. DO NOT use the $sign. Do not use commas to separate thousands. For example if you obtain $1,433.728 then enter 1433.73; if you obtain $432 then enter 432.00 Your Answer: Answer
You have decided to start a savings plan for your retirement. You plan to make an annual deposit of $50,000 each year for the next 6 years. The first deposit to be made one year from today. The bank pays a nominal interest rate of 5% annually. How much your savings account with the bank be if you leave the money in the bank to be withdrawn all in 19 years from today? Round to the nearest $0.01. DO NOT use the $sign. Do not use commas to separate thousands. For example if you obtain $1,433.728 then enter 1433.73; if you obtain $432 then enter 432.00 Your Answer: Answer
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 32P
Related questions
Question
Transcribed Image Text:You have decided to start a savings plan for your retirement. You plan to make an
annual deposit of $50,000 each year for the next 6 years. The first deposit to be
made one year from today. The bank pays a nominal interest rate of 5% annually.
How much your savings account with the bank be if you leave the money in the bank
to be withdrawn all in 19 years from today?
Round to the nearest $0.01. DO NOT use the $sign. Do not use commas to separate thousands.
For example if you obtain $1,433.728 then enter 1433.73; if you obtain $432 then enter 432.00
Your Answer:
Answer
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