Question

You deposit $1,700 at the end of each year into an account paying 11.1 percent interest....

You deposit $1,700 at the end of each year into an account paying 11.1 percent interest.

a. How much money will you have in the account in 20 years?
b. How much will you have if you make deposits for 40 years?
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Answer #1

We need to find the future value

a) PMT = 1,700

r = 11.1% = 0.111

n = 20

We will have $110,405.4804885584 in our account after 20 years

b) PMT = 1,700

r = 11.1% = 0.111

n = 40

We will have $1,016,705.1277656747 in our account after 40 years

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