Emily wants to save part of her salary for a new car in a savings account that earns 8% annual interest. At the end of the first year, she saves $1000 and increases her savings by $500 each year until she buys the car at the end of year 6. How much would be accumulated in her account at the end of year 6? Round to the nearest dollar.
Emily wants to save part of her salary for a new car in a savings account that earns 8% annual interest. At the end of the first year, she saves $1000 and increases her savings by $500 each year until she buys the car at the end of year 6. How much would be accumulated in her account at the end of year 6? Round to the nearest dollar.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Emily wants to save part of her salary for a new car in a savings account that earns 8% annual interest. At the end of the first year, she saves $1000 and increases her savings by $500 each year until she buys the car at the end of year 6.
How much would be accumulated in her account at the end of year 6? Round to the nearest dollar.
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