You decided to open a deposit account at the bank and put in $150 every 6 months for the next 2.5 years (5 deposits in total). The first deposit will be made today. The interest rate is 1.7%. How much money are you going to have in the account in 5 years?

1. · Draw the timeline, label your cash flows, and show with arrows whether you’re compounding or discounting
2. · Show the complete formula with all the necessary terms that you would use to solve the problem as if you didn't have a financial calculator on hand
3. · Circle the final answer

Answer rating: 100% (QA)

1 Draw the timeline label your cash flows and show with arrows whether youre compounding or discount... View the full answer