You set aside $10,000 at the end of each year for 20 years in equal annual end-of-the-year deposits (i

Finance Nov 03, 2020

You set aside $10,000 at the end of each year for 20 years in equal annual end-of-the-year deposits (i.e., 20 deposits of $10,000 each, the first deposit is one year from today) into your account paying 7% interest annually. How much money will be in your account after the last deposit is made?

Answer should be typed

Expert Solution

$409,975 would be in the account after the last deposit is made. Please refer image for working and comment for any queries.

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