Question

rookie player in the National Football League just signed his first 7-year contract. To prepare for his future, he deposits $150,000 at the end of each year for 7 years in an account paying 4.1% compounded annually. How much will he have on deposit after 7 years

Answer 1

Answer:

The rookie player will have approximately $198,412.18 on deposit after 7 years.

Step-by-step explanation:

We're figuring out how much money the rookie player will have in their account after making annual deposits of $150,000 for 7 years at an annual interest rate of 4.1%, compounded annually.

Using the compound interest formula, we find that after 7 years, the total amount in the account will be approximately $198,412.18.