Assuming this is a compounding-interest annuity, I made contributions of $3000 prior to opening the account and

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Assuming this is a compounding-interest annuity, I made contributions of $3000 prior to opening the account and $3,000 at the end of the 1st, 2nd and 3rd year. Then I made another contribution of $5,000 at the end of the 4th year.

The interest rate is 10%. What is my contribution at the end of the 1st year and 4th year?

My confusion in this question is in the 1st year. Should the interest be $300 or $600?

Related Book For answer-question

Payroll Accounting 2016

ISBN: 978-1337072649

26th edition

Authors: Bernard J. Bieg, Judith Toland

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Posted Date: Feb 21, 2024 02:24 AM

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Assuming this is a compounding-interest annuity, I made contributions of $3000 prior to opening the account and

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Lets break down the contributions and interest earned for each year End of 1st Year Initial contribu... View the full answer

Payroll Accounting 2016

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