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An employee deposits $300 into an account paying 6% per year and increases the deposits by $100 per year for 4 more years. How much is in the account immediately after the 5th deposit?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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Subject: Engineering Economics
Topic: Uniform Gradient
An employee deposits $300 into an
account paying 6% per year and
increases the deposits by $100 per
year for 4 more years. How much is in
the account immediately after the 5th
deposit?

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