Lamar has received $2,000 each year for college from his grandmother for the four years that he was in high school. He has deposited the money on the same day each year in an account that pays 8% interest, compounded annually. Complete the table below to determine how much money Lamar has saved. Amount of Ending balance ($) Interest Beginning balance ($) deposited ($) balance ($) rate (%) Amount New Year interest earned ($) 1 $0 $2,000 $2,000 8% $160 $2,160 $2,160 $2,000 $4,160 8% $332.80 $4,492 $4,492 $2,000 $6,492 8% $519.36 $7,011 4 $7,011 $2,000 $9,011 8% $720 $9,731

Lamar has received $2,000 each year for college from his grandmother for the four years that he was in high school. He has deposited the money on the same day each year in an account that pays 8% interest, compounded annually. Complete the table below to determine how much money Lamar has saved. Amount of Ending balance ($) Interest Beginning balance ($) deposited ($) balance ($) rate (%) Amount New Year interest earned ($) 1 $0 $2,000 $2,000 8% $160 $2,160 $2,160 $2,000 $4,160 8% $332.80 $4,492 $4,492 $2,000 $6,492 8% $519.36 $7,011 4 $7,011 $2,000 $9,011 8% $720 $9,731

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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