If you deposit $1,000 into a bank account that pays 0.25% per month, what is the amount your account will be worth after 5 years?

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 3PB: Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate...
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Please solve this Accounting question

If you deposit $1,000 into a bank account that
pays 0.25% per month, what is the amount your
account will be worth after 5 years?
Transcribed Image Text:If you deposit $1,000 into a bank account that pays 0.25% per month, what is the amount your account will be worth after 5 years?
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