200,000 is to be saved over 15 years with year-end deposits into an account that earns...

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200,000 is to be saved over 15 years with year-end deposits into an account that earns 5% effective rate of interest. The annual deposit during the final 5 years is 50% higher than the annual deposit during the first 10 years. How much is deposited in the first year? How much interest is earned over the 15 year period (difference between accumulated amount and deposits made)? 200,000 is to be saved over 15 years with year-end deposits into an account that earns 5% effective rate of interest. The annual deposit during the final 5 years is 50% higher than the annual deposit during the first 10 years. How much is deposited in the first year? How much interest is earned over the 15 year period (difference between accumulated amount and deposits made)?

Answer rating: 100% (QA)

Answer The firstyear deposit is 1181390 The total interest earned over the 15 year period is 3609634 Explanation The given problem is an example of a ... View the full answer