3. Your beginning salary is $60,000.00. Assume your salary increases by 5% per year. You deposit 10% of your salary at the end of each year for 3 years in a savings account that earns 6% interest annually. How much money will you have in the savings account at the end of 4 years?

3. Your beginning salary is $60,000.00. Assume your salary increases by 5% per year. You deposit 10% of your salary at the end of each year for 3 years in a savings account that earns 6% interest annually. How much money will you have in the savings account at the end of 4 years?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter6: Saving And Investing

Section6.1: Why Save?

Problem 6R

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Concept explainers

Public Saving

Public saving deals with the amount which has been in excess after meeting all the obligatory expenses and investment of the government. Taxes are collected by the government to meet its day-to-day expenditures. The obligatory expenses include all those expenses which are mandatory for the government. It cannot be avoided as it is inevitable.

Question

Find each year saving as well!!!

2
3. Your beginning salary is $60,000.00. Assume your salary increases by 5% per
year. You deposit 10% of your salary at the end of each year for 3 years in a
savings account that earns 6% interest annually. How much money will you have
in the savings account at the end of 4 years?
5

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