Question

600 per year being immediately You will make 3 deposits in an account that pays 52% interest You want to your job and return to school for an MBA degree years from now, and you plaas toe Under these assumption how much will you have 3 years from today? a $16.26720 Ob 52 516 35 515.25900 od SI56 52177201

Answer 1

Answer is $18,608.56

Annual Deposits = $5,600
Number of Deposits = 3
Interest Rate = 5.20%

Deposits are made at the beginning of each year

Future Value = $5,600*1.052^3 + $5,600*1.052^2 + $5,600*1.052
Future Value = $5,600 * 1.052 * (1.052^3 - 1) / 0.052
Future Value = $5,600 * 3.322957
Future Value = $18,608.56

So, you will have $18,608.56 at the end of 3 years.