Bill made a budget and planned to deposit $150 a month in a savings account, beginning September 1. He did this, but on the following January 1, he reduced the monthly deposits to $100. He made 18 deposits, four at $150 and 14 at $100. If the sav- ings account paid 6% interest, compounded monthly, what was the future worth of his savings immediately after the last deposit?

Bill made a budget and planned to deposit $150 a month in a savings account, beginning September 1. He did this, but on the following January 1, he reduced the monthly deposits to $100. He made 18 deposits, four at $150 and 14 at $100. If the sav- ings account paid 6% interest, compounded monthly, what was the future worth of his savings immediately after the last 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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Can you show how this is done step by step, please.

Bill made a budget and planned to deposit $150 a
month in a savings account, beginning September
1. He did this, but on the following January 1, he
reduced the monthly deposits to $100. He made 18
deposits, four at $150 and 14 at $100. If the sav-
ings account paid 6% interest, compounded monthly,
what was the future worth of his savings immediately
after the last deposit?

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