Answered: You plan to deposit $2,000 per year for…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

You plan to deposit $2,000 per year for 5 years into a money market account with an annual return of 3%. You plan to make your first deposit one year from today.

A) What amount will be in your account at the end of 5 years

B) Assume that your deposits will begin today. What amount will be in your account after 5 years?

Definition Definition Financial market that deals in securities or assets that are short-term in nature. The money market is responsible for keeping up the liquidity of the businesses and the organizations. These securities are usually held for a period of 12 months or less and are issued by institutions that require cash or funds for their short-term cash flow requirements. The money market is regulated by the federal government.

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