Question

Dr. Acosta has been secretly depositing $10,500 in her savings account every December starting in 1994....

  1. Dr. Acosta has been secretly depositing $10,500 in her savings account every December starting in 1994. Her account earns 6 percent compounded annually. How much did she have in December 2005?

[Hint. Assume the final deposit is made in 2005. Draw a timeline and make sure to carefully count the years.]

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Answer #1

Hello

YOUR REQUIRED ANSWER IS FV = $177,134.38

Amount of deposit = $10,500

Rate of interest = 6%

Number of periods = 12

Hence, using excel function, "=FV(6%,12,-10500,0,0)", we get FV = $177,134.38

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