Susan deposits $5,000 into a money-market account earning 7% per year, and keeps depositing twice...
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Susan deposits $5,000 into a money-market account earning 7% per year, and keeps depositing twice the amount every two years for a total of 6 years after she started the account. In other words she deposits $5,000 on Year 0, $10,000 on Year 2, $20,000 on Year 4 and $40,000 on Year 6. How much money will she have in her account at the end of Year 9 if the money was earning the initial interest rate for the entire time? A. $92,369 B. $79,636 C. $102,303 *Correct answer, need problem worked out D. $110,818
Susan deposits $5,000 into a money-market account earning 7% per year, and keeps depositing twice the amount every two years for a total of 6 years after she started the account. In other words she deposits $5,000 on Year 0, $10,000 on Year 2, $20,000 on Year 4 and $40,000 on Year 6. How much money will she have in her account at the end of Year 9 if the money was earning the initial interest rate for the entire time?
A. $92,369
B. $79,636
C. $102,303 *Correct answer, need problem worked out
D. $110,818
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