How much money would be accumulated 15 years from now from deposits of $14,000 per year for 5 consecutive years, starting 4years from now, if the interest rate is 9% per year.The amount that would be accumulated is determined to be $106640.

The objective of this question is to calculate the future value of a series of annual deposits of…

Answered: How much money would be accumulated 15…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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How much money would be accumulated 15 years from now from deposits of $14,000 per year for 5 consecutive years, starting 4 years from now, if the interest rate is 9% per year. The amount that would be accumulated is determined to be $106640.