You have decided to start saving for an extended overseas trip in five years’ time. If you put $800 per month into a savings account at ANZ earning 2.5% p.a. compounding monthly at the beginning of each month, how much will you have after five years? How much interest will you have earned over the period?
You have decided to start saving for an extended overseas trip in five years’ time. If you put $800 per month into a savings account at ANZ earning 2.5% p.a. compounding monthly at the beginning of each month, how much will you have after five years? How much interest will you have earned over the period?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 16P
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You have decided to start saving for an extended overseas trip in five years’ time. If you put $800 per month into a savings account at ANZ earning 2.5% p.a. compounding monthly at the beginning of each month, how much will you have after five years? How much interest will you have earned over the period?
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