Business Finance
introduction to Finance

Question Description

I don’t know how to handle this Business question and need guidance.

You deposit $1,900 at the end of each year into an account paying 10.1 percent interest.

1) How much money will you have in the account in 24 years?

2) How much will you have if you make deposits for 48 years?

Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

Final Answer

Check out this website http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php 

Entering Base amount: 0 , annual interest rate: 10.1% , calculation period: 24 years , regular monthly: $158.33 (1900/12) , compound interval: yearly

1) $179,775.82 

2) Changing calculation period to 48 years we get $1,989,339.23

Tate C (183)
Boston College

Anonymous
Top quality work from this tutor! I’ll be back!

Anonymous
Just what I needed… fantastic!

Anonymous
Use Studypool every time I am stuck with an assignment I need guidance.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4