Tommy started a savings account today by depositing $1000 and then deposited $500 for next year (Year 1). Furthermore, T
Posted: Thu May 19, 2022 7:04 am
Tommy started a savings account today by depositing $1000 and
then deposited $500 for next year (Year 1). Furthermore, Tommy
deposits into the same account $30 for Year 2
and then increases each new yearly deposit by $30 (so Year 3 = $60)
through Year 25. Assuming an interest rate of 4.8%, what is the
equivalent uniform amount of this investment if
paid out from Year 1 through Year 10 (to the closest dollar)?
then deposited $500 for next year (Year 1). Furthermore, Tommy
deposits into the same account $30 for Year 2
and then increases each new yearly deposit by $30 (so Year 3 = $60)
through Year 25. Assuming an interest rate of 4.8%, what is the
equivalent uniform amount of this investment if
paid out from Year 1 through Year 10 (to the closest dollar)?