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Compute the amount to which the deposit will grow

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Question - A person wants to deposit $30,000 per year for 15 years. If interest is earned at the rate of 16% per year, compute the amount to which the deposit will grow by the end of 15 years if;

Deposits of $30,000 are made at the end of each year with interest compounded annually.

Deposits of $15,000 are made at the end of each 6 month period with interest compounded semiannually.

Deposits of $2,000 are made at the end of every month with interest compounded monthly.

Reference no: EM132635712

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