Question

Imagine that you deposit $6,000 a year, starting one year from today, for four years into a savings account paying 6% per annum. (That is one deposit of $6,000 per year.) How much money will you have immediately after you make your fourth and final deposit?

Answer 1

Answer:

$26,247.696  

Explanation:

The table is shown below:

Year Opening Balance Deposit    Aggregate  Interest @6% Total including interest                                  

1               0                         $6,000      $6,000             $360          $6,360  

2          $6,360                  $6,000     $12,360            $741.6         $13,101.6  

3          $13101.6                  $6,000     $19,101.6          $1,146.096     $20,247.696  

4        $20,247.7          $6,000    $26,247.696   $1,574.862   $27,822.55776  

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