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.

Answer rating: 100% (QA)

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