Your aunt promises to gift you $1,500 now, $1,700 one year from now, $1,900 two years from now, and $2,500 three years from now. You will deposit all four amounts in an account that bears 3% interest compounded annually. How much will be in the account at the end of the fourth year?
Your aunt promises to gift you $1,500 now, $1,700 one year from now, $1,900 two years from now, and $2,500 three years from now. You will deposit all four amounts in an account that bears 3% interest compounded annually. How much will be in the account at the end of the fourth year?
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.17E
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Your aunt promises to gift you $1,500 now, $1,700 one year from now, $1,900 two years from now, and $2,500 three years from now. You will deposit all four amounts in an account that bears 3% interest compounded annually. How much will be in the account at the end of the fourth year?
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