You are planning to buy your first house in 5 years. You want to save for...

Transcribed Image Text:

You are planning to buy your first house in 5 years. You want to save for the down payment. So, you make two deposits in a savings account at your local Credit Union. The first deposit for $ 25,000 is made today, the second deposit for $50,000 is made one year from now. Assuming an interest rate of 10%, how much money have you accumulated at the end of 5years? O $110,551 O $105,227 O $113,468 O $110,830 You are planning to buy your first house in 5 years. You want to save for the down payment. So, you make two deposits in a savings account at your local Credit Union. The first deposit for $ 25,000 is made today, the second deposit for $50,000 is made one year from now. Assuming an interest rate of 10%, how much money have you accumulated at the end of 5years? O $110,551 O $105,227 O $113,468 O $110,830

Answer rating: 100% (QA)

First deposit of 25000 today Second deposit of 50000 after one ... View the full answer