yara is saving up for a new tesla. She has no money right now. she is going to put $6150 away in year 1, increasing by $1000 per year starting in the second year, and so on, for 12 years. Interest is 9.5% per year compounded monthly. Calculate: a. the present worth b. the future worth at the end of year 12 c. the future worth at the end of year 12 if there was zero compound interest applied
yara is saving up for a new tesla. She has no money right now. she is going to put $6150 away in year 1, increasing by $1000 per year starting in the second year, and so on, for 12 years. Interest is 9.5% per year compounded monthly. Calculate: a. the present worth b. the future worth at the end of year 12 c. the future worth at the end of year 12 if there was zero compound interest applied
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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yara is saving up for a new tesla. She has no money right now. she is going to put $6150 away in year 1, increasing by $1000 per year starting in the second year, and so on, for 12 years. Interest is 9.5% per year compounded monthly. Calculate:
a. the present worth
b. the future worth at the end of year 12
c. the future worth at the end of year 12 if there was zero compound interest applied
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