Alpha Geek

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    Polytechnic State University Sanluis
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    Polytechnic State University
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Category > Accounting Posted 18 Jun 2017 My Price 3.00

An individual saves $1000 in a bank account at the beginning of each year

An individual saves $1000 in a bank account at the beginning of each year. The bank offers a return of 8% compounded annually.

(a) Determine the amount saved after 10 years.

(b) After how many years does the amount saved first exceed $20 000?

 

Answers

Alpha Geek
(8)
Status NEW Posted 18 Jun 2017 09:06 AM My Price 3.00

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file 1497778736-Answer.docx preview (9 words )
A-----------nsw-----------er ----------- De-----------ter-----------min-----------e t-----------he -----------amo-----------unt----------- sa-----------ved----------- af-----------ter----------- 10----------- ye-----------ars----------- =1-----------000-----------*1.-----------08^-----------10+-----------100-----------0*1-----------.08-----------^9+-----------100-----------0*1-----------.08-----------^8+-----------100-----------0*1-----------.08-----------^7+-----------100-----------0*1-----------.08-----------^6+-----------100-----------0*1-----------.08-----------^5+-----------100-----------0*1-----------.08-----------^4+-----------100-----------0*1-----------.08-----------^3+-----------100-----------0*1-----------.08-----------^2+-----------100-----------0*1-----------.08-----------^1 -----------=15-----------645----------- -----------
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