You save 500 each month by depositing into an account earning 7% monthly. After 15 years you stop making deposits and the account now earns 5% annually. How much money will you have at the end of 30 years?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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You save 500 each month by depositing into an
account earning 7% monthly. After 15 years
you stop making deposits and the account now
earns 5% annually. How much money will you
have at the
end of 30 years?
Transcribed Image Text:You save 500 each month by depositing into an account earning 7% monthly. After 15 years you stop making deposits and the account now earns 5% annually. How much money will you have at the end of 30 years?
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