1 answer

A company deposits $6,000 in a bank at the end of every year for 10 years....

Question:

A company deposits $6,000 in a bank at the end of every year for 10 years. The company makes no deposits during the subsequen
A company deposits $6,000 in a bank at the end of every year for 10 years. The company makes no deposits during the subsequent 8 years. If the bank pays 10% interest, how much would be in the account at the end of 18 years? (7 points)

Answers

Amount at the end of 10 years = 6000 (F/A, 10%, 10)

Then this amount is left in the bank for next 8 years

Amount at the end of 18 years = 6000 (F/A, 10%, 10)(F/P, 10%, 8)

= 6000 * 15.9374 * 2.1436

= $204,980

This is the required amount

.

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