**Investment — End of Chapter Problem**In your first year of work, you deposit $1,200 into your retirement account at an 8% interest rate. Calculate how much your investment is worth after each of the given time periods. Round your answers to the nearest dollar.- **5 years:** $1763- **10 years:** $2160 *(Incorrect)*- **20 years:** $4320 *(Incorrect)*- **30 years:** $6480 *(Incorrect)*- **40 years:** $8640 *(Incorrect)*- **50 years:** $10800 *(Incorrect)*Each box with an incorrect answer is highlighted with a red border, indicating the need to recalculate accurately based on compound interest formulas.

。 Investment — End of Chapter Problem In your first year of work you deposit $1,200 in your retirement account at an 8% interest rate. Calculate how much your investment is worth after each of the given time periods. Round your answers to the nearest dollar. 5 years: $ 20 years: $ 1763 4320 10 years: $ 30 years: $ 2160 Incorrect 6480

。 Investment — End of Chapter Problem In your first year of work you deposit $1,200 in your retirement account at an 8% interest rate. Calculate how much your investment is worth after each of the given time periods. Round your answers to the nearest dollar. 5 years: $ 20 years: $ 1763 4320 10 years: $ 30 years: $ 2160 Incorrect 6480

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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**Investment — End of Chapter Problem**

In your first year of work, you deposit $1,200 into your retirement account at an 8% interest rate. Calculate how much your investment is worth after each of the given time periods. Round your answers to the nearest dollar.

- **5 years:** $1763
- **10 years:** $2160 *(Incorrect)*
- **20 years:** $4320 *(Incorrect)*
- **30 years:** $6480 *(Incorrect)*
- **40 years:** $8640 *(Incorrect)*
- **50 years:** $10800 *(Incorrect)*

Each box with an incorrect answer is highlighted with a red border, indicating the need to recalculate accurately based on compound interest formulas.

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