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Secure | https//www.ma yerTest.aspx?testld- 1728735728kcenterwin syes Principles of Business Finance Test: Exam 2 Time Remaining: 01.26 51 Submit Test This Question: 1 pt 23of41 (28 complete) This Test: 41 pts possible If you put $200 in a savings account at the beginning of each year for 5 years and $300 at the beginning of each year for the next 5 years, how much wil be in the account at the end of the 10th year? Assume that the account earns 10%, and round the nearest $1.00 A. $4,178 O B. $2,750 C. $3.798 O D. $4,596 kto select your answer

Explanation / Answer

Answer is Option "A"   $4178 Year Opening Balance Before deposit Deposit Balance after Deposit Interest @10% Calculation Closing Balance 1 0 200 200 20 200*10% 220 2 220 200 420 42 420*10% 462 3 462 200 662 66.20 662*10% 728.20 4 728.20 200 928.20 92.82 928.20*10% 1021.02 5 1021.02 200 1221.02 122.10 1221.02*10% 1343.12 6 1343.12 300 1643.12 164.31 1643.12*10% 1807.43 7 1807.43 300 2107.43 210.74 2107.43*10% 2318.18 8 2318.18 300 2618.18 261.82 2318.18*10% 2880.00 9 2880.00 300 3180.00 318.00 2880*10% 3497.99 10 3497.99 300 3797.99 379.80 3497.99*10% 4177.79

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