7. An individual deposits an annual bonus into a savings account that pays 6% interest compounded annually. The size of the bonus increases by $5,000 each year, and the initial bonus amount was $20,000. Determine how much will be in the account immediately after the fifth deposit. 6 Click the icon to view the interest factors for discrete compounding when i= 6% per year. Immediately after the fifth deposit there will be $ thousand in the account. (Round to the nearest whole number.)
7. An individual deposits an annual bonus into a savings account that pays 6% interest compounded annually. The size of the bonus increases by $5,000 each year, and the initial bonus amount was $20,000. Determine how much will be in the account immediately after the fifth deposit. 6 Click the icon to view the interest factors for discrete compounding when i= 6% per year. Immediately after the fifth deposit there will be $ thousand in the account. (Round to the nearest whole number.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 31P
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