Your father made an investment plan for you. He decided to deposit Rs. 2,000 in a savings account for you on each and every one of your birthdays, beginning with your 5th. The savings account bears a 15 percent compound annual rate of interest, compounded semiannually . You have just turned 28 and want all the cash. However, it turns out that your father made no deposits on your sixth, seventh, and thirteenth birthdays. How much is in the account now – on your twenty-eighth birthday?
Your father made an investment plan for you. He decided to deposit Rs. 2,000 in a savings account for you on each and every one of your birthdays, beginning with your 5th. The savings account bears a 15 percent compound annual rate of interest, compounded semiannually . You have just turned 28 and want all the cash. However, it turns out that your father made no deposits on your sixth, seventh, and thirteenth birthdays. How much is in the account now – on your twenty-eighth birthday?
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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Your father made an investment plan for you. He decided to deposit Rs. 2,000 in a savings account for you on each and every one of your birthdays, beginning with your 5th. The savings account bears a 15 percent compound annual rate of interest, compounded semiannually . You have just turned 28 and want all the cash. However, it turns out that your father made no deposits on your sixth, seventh, and thirteenth birthdays. How much is in the account now – on your twenty-eighth birthday?
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