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After receiving an inheritance of $50,000 on her 21st birthday, Kelly deposited the inheritance in a savings account with an effective annual interest rate of 4%. She decided to make regular deposits, beginning with $1,000 on her 22nd birthday, and increasing by $250 each year (that is, $1,250 on her 23rd birthday, $1,500 on her 24th birthday, etc.) What is the future worth of Kelly’s deposits on her 60th birthday? (I came up with an answer of 668,236...but I want to check my work.)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92254093

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