Suppose that you make a series of annual deposits into a bank account that pays 10% interest. The initial deposit at the end of the first year is $1,200. The deposit amounts increase by $300 in each of the next 4 years. How much would you have immediately after the 5th deposit? O s10,642.42 O $9,000.00 O s11,705.56 O $8,925.12

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter19: The Basic Tools Of Finance
Section: Chapter Questions
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Suppose that you make a series of annual deposits into a bank account that pays 10% interest. The initial deposit at the
end of the first year is $1,200. The deposit amounts increase by $300 in each of the next 4 years. How much would you
have immediately after the 5th deposit?
O s10,642.42
O $9,000.00
O $11,705.56
O $8,925.12
Transcribed Image Text:Suppose that you make a series of annual deposits into a bank account that pays 10% interest. The initial deposit at the end of the first year is $1,200. The deposit amounts increase by $300 in each of the next 4 years. How much would you have immediately after the 5th deposit? O s10,642.42 O $9,000.00 O $11,705.56 O $8,925.12
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