Amount at the end of 10 years = 6000 (F/A, 10%, 10)
Then this amount is left in the bank for next 8 years
Amount at the end of 18 years = 6000 (F/A, 10%, 10)(F/P, 10%, 8)
= 6000 * 15.9374 * 2.1436
= $204,980
This is the required amount
A company deposits $6,000 in a bank at the end of every year for 10 years....
A company deposits $6,000 in a bank at the end of every year for 10 years. The company makes no deposits during the subsequent 7 years. If the bank pays 6% interest, how much would be in the account at the end of 17 years?
please show all steps
4. A company deposits $20000 in a bank at the end of every year for 10 years, The company makes no subsequent payment for the next 8 years but withdraws $25000 at the end of 18 years. How much would be in the account at the end of 20 years? The bank pays 8% interest compounded annually. (ii) How much annual deposit should be made if your goal is to have $25,000 at the end of...
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You decide to deposit $50 in the bank today and to make 10
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You decide to deposit $50 in the bank today and to...
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Lauren plans to deposit $3000 into a bank account at the beginning of next month and $175/month into the same account at the end of that month and at the end of each subsequent month for the next 4 years. If her bank pays interest at a rate of 7%/year compounded monthly, how much will Lauren have in her account at the end of 4 years? (Assume she makes no withdrawals during the 4-year period. Round your answer to the...
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