Friday, July 15, 2011

Can anyone solve this Economics problem, (Compound Interest question)?

You deposit $1,500 into an account at the end of every 3 months for 5 years. You skip all payments during the entire 6th year, but beginning the next year you deposit $7,000 again every 3 months for 4 more years, but then make no further deposits. How much would you have in your account after 15 years if interest is compounded quarterly at 8% per year?

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