Susan Made 4 Uniform Annual Deposits of $1800 in a Savings

question 7

Short Answer

Susan made 4 uniform annual deposits of $1800 in a savings account that earned an interest rate of 2% per year. Her last deposit was made 7 years ago. What is the future value of her savings 13 years from now, if she leaves the account untouched?

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Definitions:

Unconscionably High Rates

Charges or fees that are excessively high and considered unreasonable or unethical, often in the context of lending or service provision.

Usury

The practice of charging exorbitantly high or illegal interest rates on loans.

Usury Law

Legislation that sets maximum interest rates that can be charged on loans, designed to protect consumers from excessively high rates.

Interest Rate

The Interest Rate is the percentage at which interest is paid by borrowers for the use of money they borrow from a lender, commonly expressed as an annual percentage.