After receiving an inheritance of $25,000 on her21stbirthday, Ayn deposited the inheritance in asavings account with an effective annual interestrate of 6%. She decided to make regular deposits,beginning with $1000 on her 22ndbirthday andincreasing by $200 each year (i.e., $1200 on her23rdbirthday, $1400 on her 24thbirthday, etc.).What was the future worth of Ayns deposits on her56thbirthday?
After receiving an inheritance of $25,000 on
Problem 9-19 Chapter 9
Engineering Economic Analysis | 12th Edition
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