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Suppose you deposit $2,600 into a bank account at the beginning of every year with the first deposit made today (on 1/21/2015). The bank account has a nominal annual interest rate of 6 percent and interest is compounded annually. How much will you have in the account (FV6) at the end of 6 years?

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Sixta Kovacek
Sixta KovacekLv2
28 Sep 2019

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First City Bank pays 10 percent simple interest on its savings account balances, whereas Second City Bank pays 10 percent interest compounded annually.

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