You think that you will be able to deposit $5,500 at the end of each of...

You think that you will be able to deposit $5,500 at the end of each of the next five years in a bank account paying six percent interest. You currently have $4,416 in the account. How much will you have in six years if you make no further deposits? Select one: a. $39,128.43 b. $1,212.00 c. $11,599.01 d. $40,541.65 e. $44,160.25

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Expert Solution

How much will you have in six years if you make no further deposits

=4416*(1+6%)^6+5500*(((1+6%)^5-1)/6%)*(1+6%)

=39128.43

jeff jeffy answered 2 years ago

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