If you deposit $9127 at the end of each of the next 28 years into an...

If you deposit $9127 at the end of each of the next 28 years into an account paying 7.6 percent interest, how much money will you have in the account in 28 years? (Round time value factors to 6 decimal places and final answer to the nearest dollar amount. Omit the "$" sign and commas in your response. For example, $123,456 should be entered as 123456.)

Solutions

Expert Solution

	A/c balance after 28 years	P×[(1+r)^n-1]÷r

	Here,

A	Interest rate per annum	7.60%
B	Number of years	28
C	Number of payments per per annum	1
A÷C	Interest rate per period ( r)	7.60%
B×C	Number of periods (n)	28
	Payment per period (P)	$ 9,127

	A/c balance after 28 years	813717
		9127×((1+7.6%)^28-1)÷7.6%

jeff jeffy answered 1 year ago

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