After graduation, you plan to work for a company for 6 years and then start your...
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After graduation, you plan to work for a company for 6 years and then start your own business. You expect to save and deposit $3,305 at the end of each of the next three years, $7,480 at the end of year 4, $10,668 at the end of year 5, and $14,895 at the end of year 6. The first deposit will be made a year from today. If the account earns 13.59% compounded monthly, how much will you have when you start your business in 6 years from now? After graduation, you plan to work for a company for 6 years and then start your own business. You expect to save and deposit $3,305 at the end of each of the next three years, $7,480 at the end of year 4, $10,668 at the end of year 5, and $14,895 at the end of year 6. The first deposit will be made a year from today. If the account earns 13.59% compounded monthly, how much will you have when you start your business in 6 years from now?
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Answer rating: 100% (QA)
To calculate the total amount you will have when you start your business in 6 years we need to find the future value of each deposit and then sum them ... View the full answer
Related Book For
Data Analysis and Decision Making
ISBN: 978-0538476126
4th edition
Authors: Christian Albright, Wayne Winston, Christopher Zappe
Posted Date:
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