Asked by Lynda
If Mr. Hobbit deposits $2,000 at the end of each year for the next 10 yrs at the intrest rate of 12% per year, how much will have accumulated? How much will he have accumulated if he deposited the amounts at the beginning of each year?
Answers
Answered by
economyst
An Excel spreadsheet is very helpful in these types of problems.
At the end of year 1, account=2000
At the end of year 2, account=2000*1.12+2000=4240
At the end of year 3, account=4240*1.12+2000=6748.8
Take it from here.
At the end of year 1, account=2000
At the end of year 2, account=2000*1.12+2000=4240
At the end of year 3, account=4240*1.12+2000=6748.8
Take it from here.
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