Bill invests 145 dollars per year on the first day of the year, with the first deposit coming on January 1, 1950. The account pays 6.6 percent effective interest. Just prior to making his January 1, 1960 deposit, Bill learns that he can begin to get 7 percent effective interest on his money if he increases his deposits to 200 dollars. He does so, making the first deposit of 200 dollars on January 1, 1960, and the final deposit on January 1, 1980. How much is in the account immediately after he makes the final deposit?

Answer = dollars.

Answer rating: 100% (QA)

To solve this problem we need to calculate the future value of Bills investments usin... View the full answer