Homework Answers
Annual amount invested = $18,000
Interest rate = 12% per year
Time period = 15 years
Calculate the future worth -
Future Worth = Annual amount invested (F/A, i, n)
Future Worth = $18,000 (F/A, 12%, 15)
Future Worth = $18,000 * 37.27971
Future Worth = $671,034.78
Thus,
After the last deposit, the balance in the account will be $671,034.78.
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