Homework help needed

User Generated

Ryyrel

Business Finance

Description

Tom plans to deposit $3500 into his savings account for each of the next 5 years and then $2000 per year for 5 years after that (all at year end) He anticipates interest rates to be 6% for the next 3 years and then 9% then after. How much will he have in account after 10 years?

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Explanation & Answer

Thank you for the opportunity to help you with your question!

Hi, attached is the excel file containing detailed solution of your problem - Finance-Tom deposits.xlsx

Answer is - $37805

Please let me know if you need any clarification. I'm always happy to answer your questions.


Anonymous
Awesome! Perfect study aid.

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