at the beginning of the year you deposit $1,500 in a savings account. How much will...
at the beginning of the year you deposit $1,500 in a savings account. How much will accumulate in four years if you earn 6% compounded annually? Use Excel or a financial calculator for computation. Round answer to the nearest dollar.
Homework Answers
Answer
--Working
| Year | Beg Investment balance | Interest earned at 6% | Ending Investment balance |
| 1 | $1,500 | $90 | $1,590 |
| 2 | $1,590 | $95 | $1,685 |
| 3 | $1,685 | $101 | $1,787 |
| 4 | $1,787 | $107 | $1,894 |
--Answer: $ 1,894 will be accumulated in 4 year if $ 1500 is invested at 6%.
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