Suppose that you opened a savings account on January 1st, 2010, and made a deposit of $1000. On January 1st, 2011, you began depositing $100 into the account at the end of each month. If the bank pays 2% interest compounded monthly, how much money will be in the account on January 1st, 2022? Round to two decimal places.

Suppose that you opened a savings account on January 1st, 2010, and made a deposit of $1000. On January 1st, 2011, you began depositing $100 into the account at the end of each month. If the bank pays 2% interest compounded monthly, how much money will be in the account on January 1st, 2022? Round to two decimal places.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

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