A person wishes to deposit RM5,000 per year in a savings account which earns interest of 8
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Question:
A person wishes to deposit RM5,000 per year in a savings account which earns interest of 8 percent per year compounded annually. Assume the first deposit is made at the end of this current year and additional deposits at the end of each following year. a) To what sum will the investment grow at the time of the 10th deposit? b) How much interest will be earned.
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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