4. Kelly deposited $10,500 into a fund at the beginning of every quarter for 13 years. He then stopped making deposits into the fund and allowed the investment to grow for 4 more years. The fund was growing at 3.50% compounded monthly. a. What was the accumulated value of the fund at the end of year 13? b. What was the accumulated value of the fund at the end of year 17? c. What is the total amount of interest earned over the 17-year period? keep all the decimals for all the procedures, DO NOT ROUND
4. Kelly deposited $10,500 into a fund at the beginning of every quarter for 13 years. He then stopped making deposits into the fund and allowed the investment to grow for 4 more years. The fund was growing at 3.50% compounded monthly. a. What was the accumulated value of the fund at the end of year 13? b. What was the accumulated value of the fund at the end of year 17? c. What is the total amount of interest earned over the 17-year period? keep all the decimals for all the procedures, DO NOT ROUND
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 10PROB
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4. Kelly deposited $10,500 into a fund at the beginning of every quarter for 13 years. He then stopped making deposits into the fund and allowed the investment to grow for 4 more years. The fund was growing at 3.50% compounded monthly.
a. What was the accumulated value of the fund at the end of year 13?
b. What was the accumulated value of the fund at the end of year 17?
c. What is the total amount of interest earned over the 17-year period?
keep all the decimals for all the procedures, DO NOT ROUND
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