You just received a $400 midyear bonus at work for good performance, with the promise...
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You just received a $400 midyear bonus at work for good performance, with the promise of receiving the same again midway in the year and continuing for another four years until you are up for a promotion, conditioned, of course, on maintaining your performance rating. You are sure you can achieve that and know you will be successful at that time in receiving your promotion. Interest rates, compounded semi-annually are currently 6 percent. You plan to save all bonus amounts you receive until you receive your promotion so that you may travel to Europe in celebration of that promotion. How much will be available for your European trip?
-
$4,723
- $5,588
- $4,585
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$3,663
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