You make deposits of $300 each year for the next 17 years at 5 % compounded annually. How much is in account after the last deposit?
You make deposits of $300 each year for the next 17 years at 5 % compounded annually. How much is in account after the last deposit?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 25P
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Question
You make deposits of $300 each year for the next 17 years at 5 % compounded annually. How much is in account after the last deposit?
Expert Solution
Step 1
Annual deposit (P) = $300
Interest rate (r) = 5%
Period (n) = 17 Years
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