You initially deposit $5,000 and contribute $50 per month for the next 20 years. If the rate of interest is 6% compounded monthly, calculate the future value.
A) $41,653
B) $39,653
C) $37,653
D) $35,653
E) $33,653
Correct Answer:
Verified
Q40: Toni adds $3,000 to her savings on
Q54: Your great-aunt left you an inheritance in
Q73: Your local travel agent is advertising an
Q96: Your rich uncle establishes a trust in
Q151: You are going to withdraw $1,000 at
Q152: This morning you borrowed $3,900 at 7.75%
Q153: Calculate the present value of a growing
Q156: A donation of $70,000 to a charity
Q157: On the day you enter college you
Q159: When you were born, your dear old
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents