5. Dr. Ruth has been secretly depositing $2,500 in her savings account every December starting in 1999.
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5. Dr. Ruth has been secretly depositing $2,500 in her savings account every December starting in 1999. Her account earns 5 percent compounded annually. How much will she have in December 2008? (Assume that a deposit is made in the year 2008.) Make sure to carefully count the years.
6. Determine the amount of money in a saving account at the end of five years, given an initial deposit of $5,000 and a 12 percent annual interest rate when interest is compounded (a) annually, (b) semiannually, and (c) quarterly.
Related Book For
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
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