Bank account has a nominal annual interest rate, Finance Basics

Bank account has a nominal annual interest rate

Problem:

Suppose you deposit $2,600 into a bank account at the beginning of every year with the first deposit made today (on 1/21/2015). The bank account has a nominal annual interest rate of 6 percent and interest is compounded annually.

Find out:

How much will you have in the account (FV6) at the end of 6 years?

Please provide all calculation and formulas.

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Finance Basics: Bank account has a nominal annual interest rate

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Finance Basics: Bank account has a nominal annual interest rate

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Request for Solution File

Ask an Expert for Answer!!

Finance Basics: Bank account has a nominal annual interest rate

Reference No:- TGS0875777

Recent Questions Asked Finance Basics

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