You are planning to put $5,500 in the bank at the end of each year for the next eight years in hopes that you will have enough money for a new boat.
If you are investing at an annual interest rate of 9%, how much money will you have at the end of eight years--rounded to the nearest whole dollar?
? $72,788
? $60,657
? $48,526
? $66,116
You've decided to deposit your money in the bank at the beginning of the year instead of the end of the year, but now you are making payments of
$5,500 at an annual interest rate of 9%. How much money will you have available at the end of eight years--rounded to the nearest whole dollar?
? $92,562
? $60,657
? $46,281
? $66,116
