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# Assume that today is your 30th birthday and you have 690813 in your savings account. Every quarter you will reinforce your savings account with new deposits that grow 1% per quarter, start one year from now and end when you

Assume that today is your 30th birthday and you have €690813 in your savings account. Every quarter you will reinforce your savings account with new deposits that grow 1% per quarter, start one year from now and end when you turn 75 years old. The last amount deposited is €5852. Assume that your savings earn an effective annual rate of 9.2%.

Compute the total amount in your bank account (with interests) when you turn 84 years old.

Compute the total amount in your bank account (with interests) when you turn 84 years old.

- Expert Answer

## To compute the total amount in your bank account when you turn 84 years old we need to calculate the View the full answer

**Related Book For**

## Corporate Finance

ISBN: 978-0071339575

7th Canadian Edition

Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Gordon Ro

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