You will be able to deposit $4,000 at the end of each of the next 5 years in a bank account paying 8% interest per year compounded annually. You currently have $6,375 in the account. Assuming no other deposits or withdrawals, how much will you have in your account after 7 years from now? 1. c $39,966.43 2. $46,616.84 $32,833.37 3. 4. c $38.296.84 NONEZ

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 16PROB
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Question 12/14
You will be able to deposit $4,000 at the end of each of the next 5 years in a bank account
paying 8% interest per year compounded annually. You currently have $6,375 in the
account. Assuming no other deposits or withdrawals, how much will you have in your
account after 7 years from now?
1. c $39,966.43
2. $46.616.84
3.
$32,833.37
4.
$38,296.84
5. C NONE.
Transcribed Image Text:Question 12/14 You will be able to deposit $4,000 at the end of each of the next 5 years in a bank account paying 8% interest per year compounded annually. You currently have $6,375 in the account. Assuming no other deposits or withdrawals, how much will you have in your account after 7 years from now? 1. c $39,966.43 2. $46.616.84 3. $32,833.37 4. $38,296.84 5. C NONE.
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