Assume that $200 is deposited today, two years from now, four years from now, six years...
Assume that $200 is deposited today, two years from now, four years from now, six years from now, and eight years from now in a savings account which earns 10% annual interest, what is the balance at the end of year 9?
|
1517 |
||
|
708 |
||
|
1100 |
||
|
1670 |
Homework Answers
Solution: 1670
Working:
Year Deposit Interest @ 10%
Value
1 200 20 220
2 220 22 242
3 242+200 = 442 44
486
4 486 49 535
5 535+200 = 735 73
808
6 808 81 889
7 1089 109 1198
8 1198 120 1318
9 1318+200 = 1518 152
1670
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