(1) "Dr. Sisters has been secretly depositing $10,500 in her savings account every December starting...
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(1) "Dr. Sisters has been secretly depositing $10,500 in her savings account every December starting in 1994. Her account earns 6 percent compounded annually. How much did she have in December 2005? (Assume a deposit is made in 2005). Make sure to carefully count the years."
What is the number of periods (N), in this question?
a) 10
b) 11
c) 12
d) 9
(2) "Dr. Sisters has been secretly depositing $10,500 in her savings account every December starting in 1994. Her account earns 6 percent compounded annually. How much did she have in December 2005? (Assume a deposit is made in 2005). Make sure to carefully count the years."
To solve this problem what formula will you apply?
a) FV=PV(1+I)N
b) PV= FV/(1+I)N
c) FV AN=PMT[(1+I)N/I1/I]
d) PV AN = PMT[1/I - 1/(1+I)N]
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