How much money will you have available

Reference no: EM132031277

Question: When payments are made at the beginning of each period, you will treat them as an annuity due You are planning to put $2,750 in the bank at the end of each year for the next six years in hopes that you will have enough money for a down payment on a condo. If you are investing at an annual interest rate of 7%, you'll have accumulated $14,961 at the end of six years. You decided to deposit your money in the bank at the beginning of the year instead of the end of the same year, but now you are making payments of $3,000 at an annual interest rate of 9%. How much money will you have available at the end of seven years?

Reference no: EM132031277

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