1. Business
  2. Economics
  3. an engineer places 7000 at the end of every year...

Question: an engineer places 7000 at the end of every year...

Question details

An engineer places $7,000 at the end of every year into a retirement account for 22 years. If the account into which the savings was placed earns 9% per year, how much was in the account at the end of the engineers career? Express your answer in $ to the nearest $1,000.
A city manager wants to invest a sum of money in an account that pays 6% annual interest to cover the monthly operating costs of the citys water treatment plant for the next 5 years. The monthly operating costs for the plant are projected to be $31,000. How much must the city manager invest? Express your answer in $ to the nearest $10,000
Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution