Question: You plan to deposit $ 3 , 6 0 0 each year for the next 1 2 years. The interest rate is 1 0 percent.

You plan to deposit $3,600 each year for the next 12 years. The interest rate is 10 percent. If you currently have $10,000 in your account, how much would you have in the account at the end of the 12th year?
Group of answer choices
$93,499
$98,216
$43,136
$108,367.71
$88,382

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!