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Suppose you are starting a PhD program. The university has agreed to waive your tuition, cover all of your living expenses, and pay you an additional stipend of $2,000 at the end of each month, as long as you teach one course per semester over the course of five years. If your savings account is able to earn 5.5% per year for the five years that you will be in this program, how much will you have accumulated in your savings account by the end of the program if interest is compounded on a monthly basis? $104,705.67 $137,761.65 $34,899.71 $866,900.74

Suppose you are starting a PhD program. The university has agreed to waive your tuition, cover all of your living expenses, and pay you an additional stipend of $2,000 at the end of each month, as long as you teach one course per semester over the course of five years. If your savings account is able to earn 5.5% per year for the five years that you will be in this program, how much will you have accumulated in your savings account by the end of the program if interest is compounded on a monthly basis? $104,705.67 $137,761.65 $34,899.71 $866,900.74

EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 35P
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Suppose you are starting a PhD program. The university has agreed to waive your tuition, cover all of your living expenses, and pay you an additional stipend of $2,000 at the end of each month, as long as you teach one course per semester over the course of five years. If your savings account is able to earn 5.5% per year for the five years that you will be in this program, how much will you have accumulated in your savings account by the end of the program if interest is compounded on a monthly basis? $104,705.67 $137,761.65 $34,899.71 $866,900.74
Transcribed Image Text:Suppose you are starting a PhD program. The university has agreed to waive your tuition, cover all of your living expenses, and pay you an additional stipend of $2,000 at the end of each month, as long as you teach one course per semester over the course of five years. If your savings account is able to earn 5.5% per year for the five years that you will be in this program, how much will you have accumulated in your savings account by the end of the program if interest is compounded on a monthly basis? $104,705.67 $137,761.65 $34,899.71 $866,900.74
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