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In: Accounting

You plan to make 15 deposits at the end of each year in an account that...

You plan to make 15 deposits at the end of each year in an account that pays 6% compound interest annually. If the first deposit is $ 1,000 and subsequently 500 are added each year to the amount deposited the previous year (1000, 1500, ...), the amount of the account at the end of the 15 years will be close to:

a. $71,550

b. $97,777

c. $92,242

d. $87,021

e.No correct answer is provided.

Solutions

Expert Solution

Solution :

The Answer is (c) $ 92,242.

Working :

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ekkarill92 answered 2 years ago
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