It's the first day of the year and you currently have $ 4,000 in the bank. You

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It's the first day of the year and you currently have $4,000 in the bank. You plan to deposit $700 at the end of every year for the next 56 years, with the first payment made 1 year from now (from t=1 to t=56 inclusive).

If bank interest rates are 9% pa, how much money will be in your bank account a moment after making your last deposit in 56 years?

Related Book For answer-question

Financial Management Core Concepts

ISBN: 978-0132671033

2nd edition

Authors: Raymond M Brooks

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Posted Date: May 12, 2023 03:55 AM

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It's the first day of the year and you currently have $ 4,000 in the bank. You

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Financial Management Core Concepts

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