20BP

Expert-verifiedFound in: Page 283

Book edition
16th

Author(s)
Stanley B. Block, Geoffrey A. Hirt, Bartley Danielsen

Pages
768 pages

ISBN
9781259277160

**Christy Reed made a $2,000 deposit in her savings account on her 21st birthday, and she has made another $2,000 deposit on every birthday since then. Her account earns 7 percent compounded annually. How much will she have in the account after she makes the deposit on her 32nd birthday?**

The future value on her 32^{nd} birthday will be $35,776.90.

**Payment (PMT) = $2,000**

**Period (n) = 12, (From 21 to 32)**

**Interest Rate (i) = 7%**

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