Asked by Lauren
Her has $1500 in a retirement account earning 5% interest compounded annually. Each year after the first, she makes and additional deposits of $1500. After 5 years , what was her account balance if she did not make any withdrawals?
Answers
Answered by
Reiny
amount
= 1500 + 1500(1.05^4 - 1)/.05
= 7965.19
= 1500 + 1500(1.05^4 - 1)/.05
= 7965.19
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