Lauren plans to deposit $5000 into a bank account at the beginning of next month and $150/month into the same account at the end of that month and at the end of each subsequent month for the next 7 years. If her bank pays interest at a rate of 5%/year compounded monthly, how much will Lauren have in her account at the end of 7 years? (Assume she makes no withdrawals during the 7-year period. Round your answer to the nearest cent.)

Lauren plans to deposit $5000 into a bank account at the beginning of next month and $150/month into the same account at the end of that month and at the end of each subsequent month for the next 7 years. If her bank pays interest at a rate of 5%/year compounded monthly, how much will Lauren have in her account at the end of 7 years? (Assume she makes no withdrawals during the 7-year period. Round your answer to the nearest cent.)

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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