Calculate the balance on the account ten years

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Reference no: EM131892171

1. Bob plans to put $10,000 each year into an account that earns 12%. The first deposit will be made exactly 1 year from today. How many years will it take him to reach his goal of $2,000,000? (Round to 2 decimal)

2. Dave plans to deposit 10,000 per year into an account that pays 7% APR. The first deposit is made one year from today. Calculate the balance on the account 10 years from today. (Round to 2 decimals and assume he makes 10 payments)

Reference no: EM131892171

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