15. At the beginning of each of 7 years $500 was deposited on the account. At the end of eachyear during the next 11 years S700 was deposited. How much will be in the account after the lastdeposit, if the interest rate is 7%?

Hence, the PMTs of $500 will be valued at $4,629.9013 at 7 years.

15. At the beginning of each of 7 years $500 was deposited on the account. At the end of each year during the next 11 years $700 was deposited. How much will be in the account after the last deposit, if the interest rate is 7%?

15. At the beginning of each of 7 years $500 was deposited on the account. At the end of each year during the next 11 years $700 was deposited. How much will be in the account after the last deposit, if the interest rate is 7%?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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15. At the beginning of each of 7 years $500 was deposited on the account. At the end of each
year during the next 11 years S700 was deposited. How much will be in the account after the last
deposit, if the interest rate is 7%?

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