Thursday, 22 February 2018

Today's year is 2018. You are planning to invest your tax refunds at an account that pays 10% annual rate with annual compounding


Today's year is 2018. You are planning to invest your tax refunds at an account that pays 10% annual rate with annual compounding. Following are your estimated tax refunds each year: • year 2018: $2,000 • year 2019: $2,500 • year 2020: $2,500 • year 2021: $2,800 How much will you have in your account in year 2021? A. $10,485 B. $11,237 C. $8,253 D. $9,368 E. $12,556

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