Explanation Given information: If annual deposits of $3000 are made at the beginning of each year into an account paying 2% interest per year, compounded annually, then the account balance after the fourth deposit is 3000 ( 1.02 ) 4 + 3000 ( 1.02 ) 3 + 3000 ( 1.02 ) 2 + 3000 ( 1.02 ) dollars. Calculation: P = 3000 Interest = 2% = 1.02 Which is compounded annually The account balance after 4 th deposit is, 3000 + 3000 ( 1

6th Edition

ISBN: 9781119399322

Author: Hughes-Hallett

Publisher: WILEY

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APPLIED CALCULUS (WILEY PLUS)

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Solution Summary: The author explains that the given statement is false. If 3000 is made at the beginning of each year, the account balance after the fourth deposit is 3000.

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