What will be the present worth of the money in your account

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Reference no: EM13971890

Assume that you open a savings account that accrues 3% nominal annual interest that is compounded monthly. Initially, your account has no funds in it. Starting next month, you add $50 / month for 6 months. Then, you increase your monthly deposit by $10 each month from the month before for the following 6 months. At the end of 1 year, what will be the present worth of the money in your account? What will be the future worth of the money in your account?

Reference no: EM13971890

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