Calculate the amount in your bank account

Reference no: EM131932061

Question: Actuarial Science Question: At the end of each year for 20 years, you make a deposit into a bank account which pays 3% annual effective interest. The deposit is $100 at the end of the first year, and increase by $100 each year. Starting in the 6th year (right after the 5th deposit), the bank raises the credited interest rate to 5% annual effective interest. Calculate the amount in your bank account immediately after the 20th deposit.

Reference no: EM131932061

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