Part 1: Suppose you deposited $1,340 in a bank account at the end of each...
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Accounting
- Part 1: Suppose you deposited $1,340 in a bank account at the end of each year for the next 9 years. How much would be in that account at the end of the 9th year if the deposits earned 6% interest each year?
Part 2: Suppose you want to create a "college fund" for your newborn child and plan to deposit $2,434 in a bank account at the end of each of the next 5 years. If the account paid 14% interest per year, how much will be in the account at the end of the 5th year?
Part 3: Suppose you have been saving for the last 9 years to buy a new mountain bike. If you have been depositing $131 per month in a bank account which gives 6% APR. How much do you now have in your bank account?
Part 4: Using the Rule of 72, approximately how long will it take to double your money if you invest it at 6% compounded annually?
- Part 1: Suppose you deposited $1,340 in a bank account at the end of each year for the next 9 years. How much would be in that account at the end of the 9th year if the deposits earned 6% interest each year?
Part 2: Suppose you want to create a "college fund" for your newborn child and plan to deposit $2,434 in a bank account at the end of each of the next 5 years. If the account paid 14% interest per year, how much will be in the account at the end of the 5th year?
Part 3: Suppose you have been saving for the last 9 years to buy a new mountain bike. If you have been depositing $131 per month in a bank account which gives 6% APR. How much do you now have in your bank account?
Part 4: Using the Rule of 72, approximately how long will it take to double your money if you invest it at 6% compounded annually?
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