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Suppose Mr. Mitchell wants to set aside $3,000 at the end of each year for the next 18 years to create a college fund for his children. He will deposit the money in a savings account that has an annual interest rate of 4% and compounds interest annually. How much money will he have in his bank account at the end of 18 years? Select one: a. 64,237 b. 76,936 c. 54,000 d. 155,983

Suppose Mr. Mitchell wants to set aside $3,000 at the end of each year for the next 18 years to create a college fund for his children. He will deposit the money in a savings account that has an annual interest rate of 4% and compounds interest annually. How much money will he have in his bank account at the end of 18 years? Select one: a. 64,237 b. 76,936 c. 54,000 d. 155,983

FINANCIAL ACCOUNTING
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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Suppose Mr. Mitchell wants to set aside $3,000 at the end of each year for the next 18 years to create a college fund for his children. He will deposit the money in a savings account that has an annual interest rate of 4% and compounds interest annually. How much money will he have in his bank account at the end of 18 years? Select one: O a. 64,237 b. 76,936 c. 54,000 d. 155,983
Transcribed Image Text:Suppose Mr. Mitchell wants to set aside $3,000 at the end of each year for the next 18 years to create a college fund for his children. He will deposit the money in a savings account that has an annual interest rate of 4% and compounds interest annually. How much money will he have in his bank account at the end of 18 years? Select one: O a. 64,237 b. 76,936 c. 54,000 d. 155,983
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