If you deposit $3,500 monthly into a savings account which earns 8.25% interest rate compounded annually, how much will you have after 6 years of saving? Oa $310,058 b. $324,658 O c. $25,838 d. $405,479 O e. S376,740

If you deposit $3,500 monthly into a savings account which earns 8.25% interest rate compounded annually, how much will you have after 6 years of saving? Oa $310,058 b. $324,658 O c. $25,838 d. $405,479 O e. S376,740

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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Question

solve it correctly and not use excel.

If you deposit $3,500 monthly into a savings account which earns 8.25% interest rate
compounded annually, how much will you have ater 6 years of saving?
a. $310,058
O b. $324,658
Oc. $25,838
Od. $405,479
Oe. S376,740
EN

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