BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
Question
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Your employer has agreed to place year-end deposits of $1, 000, $2, 000 and $3, 000 into your retirement account. The $1, 000 deposit will be one year from today, the $2, 000 deposit two years from today, and the $3, 000 deposit three years from today. If your account earns 5% per year, how much money will you have in the account at the end of year three when the last deposit is made?
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$6, 202.50
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$6, 000
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$6, 212.50
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$6, 727.88
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Explanation:
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