14 May IF MARY CLOSES THE ACCOUNT RIGHT AFTER SHE MAKES THE LAST DEPOSIT, HOW MUCH WILL THIS ACCOUNT BE WORTH AT THAT TIME?
For the last 19 years, Mary has been depositing $500 in her savings account , which has earned 5% per year, compounded annually and is expected to continue paying that amount. Mary will make one more $500 deposit one year from today. If Mary closes the account right after she makes the last deposit, how much will this account be worth at that time?
Remeber Mary has been working for 25 years and approaching retirement.
Mary has been working at the university for 25 years, with an excellent recdord of service. As a result, the board wants to reward her with a bonus to her retirement package. They are offering her 75.000 for a year for 20 years, starting one year from her retirment date and each year for 19 years after that date. Mary would prefer a one-time payment the day after she retires. What would this amount be if the approproate interest rate is 7%?
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