You deposited $2000 in a bank account paying 6% on January 1, 2014, and then you made $2000 deposits on January 1 in 2015 and 2016.Which of the following expressions will calculate your bank balance just after the last payment was deposited?
A) FV = $2000[1.06]−1 + $2000[1.06]−2 + $2000[1.06]−3
B) FV = $2000[1.06]1 + $2000[1.06]2 + $2000[1.06]3
C) FV = $2000[1.06]0 + $2000[1.06]1 + $2000[1.06]2
D) FV = $2000[1.06]−0 + $2000[1.06]−1 + $2000[1.06] −2 + $1000[1.06]−3
Correct Answer:
Verified
Q21: Harold Hawkins bought a home for $320,000.
Q22: How much will you receive at the
Q26: You buy a race horse, which has
Q29: How much money will be in the
Q29: To find the present value of an
Q33: Shane just bought a new vehicle for
Q34: A retirement plan guarantees to pay you
Q35: Frankie and Emerson want to buy a
Q36: How much money must you pay into
Q37: You have been accepted to study gourmet
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