Payments of Y are made at the beginning of each year for 20 years. They earn interest at the end of each year at an annual effective rate of 8%. The interest is immediately reinvested at an annual effective rate of 6%. At the end of the 20 years, the accumulated value of the original payments and the reinvested interest is $16,800. 

Find the amount of the last deposit into the 6% account.

Answer rating: 100% (QA)

To find the amount of the last deposit into the 6 account we can use the future value of an annuity ... View the full answer