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t's the first day of the year and you currently have $4,500 in the bank. You plan to deposit $100 at the end of every year for the next 52 years, with the first payment made I year from now ( payments from t = 1 tot = 52 inclusive). If bank interest rates are 9% pa, how much money will be in your bank account a moment after making your last deposit in 52 years? Question 10Select one: a. $397,548.76 b. $398, 647.3 C. $453,759.49 d. $494,597.84 e. $856, 938.45

t's the first day of the year and you currently have $4,500 in the bank. You plan to deposit $100 at the end of every year for the next 52 years, with the first payment made I year from now ( payments from t = 1 tot = 52 inclusive). If bank interest rates are 9% pa, how much money will be in your bank account a moment after making your last deposit in 52 years? Question 10Select one: a. $397,548.76 b. $398, 647.3 C. $453,759.49 d. $494,597.84 e. $856, 938.45

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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t's the first day of the year and you currently have $4,500 in the bank. You plan to deposit $100 at the end of every year for the next 52 years, with the first payment made I year from now ( payments from t = 1 tot = 52 inclusive). If bank interest rates are 9% pa, how much money will be in your bank account a moment after making your last deposit in 52 years? Question 10Select one: a. $397,548.76 b. $398, 647.3 C. $453,759.49 d. $494,597.84 e. $856, 938.45
Transcribed Image Text:t's the first day of the year and you currently have $4,500 in the bank. You plan to deposit $100 at the end of every year for the next 52 years, with the first payment made I year from now ( payments from t = 1 tot = 52 inclusive). If bank interest rates are 9% pa, how much money will be in your bank account a moment after making your last deposit in 52 years? Question 10Select one: a. $397,548.76 b. $398, 647.3 C. $453,759.49 d. $494,597.84 e. $856, 938.45
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