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11. Stanley invests $500 into an account that earns 9%p.a. compounding monthly. At the start of each new month, he pays $100 into the account. (a) How much will Stanley have in the account by the end of 2 years? (b) How much interest will he have earned by the end of 2 years?

11. Stanley invests $500 into an account that earns 9%p.a. compounding monthly. At the start of each new month, he pays $100 into the account. (a) How much will Stanley have in the account by the end of 2 years? (b) How much interest will he have earned by the end of 2 years?

EBK CFIN
EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 10PROB
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11. Stanley invests $500 into an account that earns 9% p.a. compounding monthly. At the start of each new month, he pays $100 into the account. (a) How much will Stanley have in the account by the end of 2 years? (b) How much interest will he have earned by the end of 2 years?
Transcribed Image Text:11. Stanley invests $500 into an account that earns 9% p.a. compounding monthly. At the start of each new month, he pays $100 into the account. (a) How much will Stanley have in the account by the end of 2 years? (b) How much interest will he have earned by the end of 2 years?
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