10. You deposit $10,000 into an account. Five years later you make annual deposits of $1,000 into the account at the beginning of each year for 10 years. Assuming the account has an annual effective interest rate of i = 4%, find the amount in the account at the end of the 15th year. (A) $30,495.79 (B) $30,575.63 (C) $31,275.63 (D) $31,875.63 (E) $32,275.63 (F) $33,275.63
10. You deposit $10,000 into an account. Five years later you make annual deposits of $1,000 into the account at the beginning of each year for 10 years. Assuming the account has an annual effective interest rate of i = 4%, find the amount in the account at the end of the 15th year. (A) $30,495.79 (B) $30,575.63 (C) $31,275.63 (D) $31,875.63 (E) $32,275.63 (F) $33,275.63
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:10.
You deposit $10,000 into an account. Five years later you make annual deposits
of $1,000 into the account at the beginning of each year for 10 years. Assuming the account
has an annual effective interest rate of i = 4%, find the amount in the account at the end of
the 15th year.
(A) $30,495.79
(B) $30,575.63
(C) $31,275.63
(D) $31,875.63
(E) $32,275.63
(F) $33,275.63
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