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introduction to Finance

Business & Finance
Tutor: None Selected Time limit: 0 Hours

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?

Feb 15th, 2015

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

Feb 15th, 2015

I don't think your answers are right cuz none of them in choices!

Feb 15th, 2015

Maybe it's a problem with the base amount, if I change the base amount to $1,900 for the 24 years I get $198,882.92, is that close to anything on the answers? 

Feb 15th, 2015

No 

Feb 15th, 2015

Huh well I'm not sure then, sorry about that I'm not really a finance guy just knew about those online calculators. 

Feb 15th, 2015

Thank you for trying 

Feb 15th, 2015

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