Calculating deposit needed You put $7,000 in an account earning 7%. After 2 years, you make another deposit into the same account. Five years later (that is, 7 years after your original $7,000 deposit), the account balance is $24,000. What was the amount of the deposit at the end of year 2? The amount of the deposit at the end of year 2 is $ (Round to the nearest cent.)
Calculating deposit needed You put $7,000 in an account earning 7%. After 2 years, you make another deposit into the same account. Five years later (that is, 7 years after your original $7,000 deposit), the account balance is $24,000. What was the amount of the deposit at the end of year 2? The amount of the deposit at the end of year 2 is $ (Round to the nearest cent.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 31P
Related questions
Question
![Calculating deposit needed You put $7,000 in an account earning 7%. After 2 years, you make another
deposit into the same account. Five years later (that is, 7 years after your original $7,000 deposit), the account
balance is $24,000. What was the amount of the deposit at the end of year 2?
The amount of the deposit at the end of year 2 is $
(Round to the nearest cent.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe8a67466-6b67-42d2-a100-b6b19b161abb%2F89c53e34-ab36-4cb2-9c6e-65b058fecb1a%2Fx1blz4o_processed.png&w=3840&q=75)
Transcribed Image Text:Calculating deposit needed You put $7,000 in an account earning 7%. After 2 years, you make another
deposit into the same account. Five years later (that is, 7 years after your original $7,000 deposit), the account
balance is $24,000. What was the amount of the deposit at the end of year 2?
The amount of the deposit at the end of year 2 is $
(Round to the nearest cent.)
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