Question: In one year, you will make an initial deposit in the amount of $3,000 in a new savings account. You plan to make additional deposits

In one year, you will make an initial deposit in the amount of $3,000 in a new savings account. You plan to make additional deposits in the same amount of $3,000 for 15 years after the initial deposit. There will only be these 16 deposits and no withdrawals made to your account. Assume the interest rate you will earn is 3% per year. How much will your account be worth in 16 years?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

In one year, you will make an initial deposit in the amount of $1,000 in a new savings account. You plan to make additional deposits in the same amount of $1,000 for 19 years after the initial...

In one year, you will make an initial deposit in the amount of $5,000 in a new savings account. You plan to make additional deposits in the same amount of $5,000 for 11 years after the initial...

In one year, you will make an initial deposit in the amount of $2,000 in a new savings account. You plan to make additional deposits in the same amount of $2,000 for 17 years after the initial...

In one year, you will make an initial deposit in the amount of $5,000 in a new savings account. You plan to make additional deposits in the same amount of $5,000 for 11 years after the initial...

in one year, you will make an initial deposit in the amount of $1,000 in a new savings account. You plan to make additional deposits in the same amount of $1,000 for 19 years after the initial...

In one year, you will make an initial deposit in the amount of $5,000 in a new savings account. You plan to make additional deposits in the same amount of $5,000 for 11 years after the initial...

In one year, you will make an initial deposit in the amount of $1,000 in a new savings account. You plan to make additional deposits in the same amount of $1,000 for 19 years after the initial...

1.In one year, you will make an initial deposit in the amount of $6,000 in a new savings account. You plan to make additional deposits in the same amount of $6,000 for 9 years after the initial...

Visual basic class: Create an application, using the following names for the solution and project, respectively: Savings Solution-Function and Savings Project. The application's interface is shown in...

Visual basic class "Need help writing a flowchart and desk check for this problem", Create an application, using the following names for the solution and project, respectively: Savings...

Write a note on Global Bank Corporation.

Wyatt Oil currently does not pay dividends. He anticipates Wyatt Oil will pay an annual dividend of $0.56 per share two years from now and expects dividends to grow by 4% per year thereafter. If...

11.53 The following data represent the chemistry grades for a random sample of 12 freshmen at a certain college along with their scores on an intelligence test administered while they were still...

As a result of the rapid pace of innovation. a . product life cycle becomes shorter

Why is it important for an HRD practitioner to understand managerial roles and competencies? How are these assessed? How is this information used as a needs assessment in designing a management...

Explain the role on-the-job experience plays in a managers development. Identify two ways an organization can increase the chances that the onthe- job experiences its managers encounter will be...

For the situation you have selected, take the most important forces from Step 5 and construct a figure similar to Figure 14-2.