Question: You plan to save 1 , 0 0 0 dollars at the end of every year for the next 1 5 years. ( You will

You plan to save 1,000 dollars at the end of every year for the next 15 years. (You will make the
first deposit in one year, ie at t =1.) The interest rate is 4%. What will be your account balance in
15 years, immediately after the last deposit?
14. You plan to save 1,000 dollars at the beginning of every year for the next 15 years. (You will make
the first deposit today, ie at t =0.) The interest rate is 4%. What will be your account balance in 15
years?
15. You plan to save 1,000 dollars every year, starting today and ending 15 years from now. (You will
make your first deposit today, ie at t =0, and your last deposit in 15 years, ie at t =15.) The interest
rate is 4%. What will be your account balance in 15 years, immediately after the last deposit?

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!