Question
In: Economics
At 4% effective annual interest, what is the accumulated amount at the end of ten years...
At 4% effective annual interest, what is the accumulated amount at the end of ten years (Future worth) if $50 is invested at end of each year for ten years?
Solutions
Expert Solution
interest rate i=4% per year (effective)
annual deposit A = $50
period n = 10 years
future worth at the end of 10 years = 50(F/A,4%,10)
=50(12.00611)
=600.31
Rahul Sunny answered 2 years agoRelated Solutions
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