A company deposited $5,500 into an investment fund at the beginning of every quarter for 5 years. It then stopped making deposits into the fund and allowed the investment to grow for 5 more years. The fund was growing at 4.25% compounded monthly. a. What was the accumulated value of the fund at the end of 5 years ? $123,198.13 Round to the nearest cent b. What was the accumulated value of the fund at the end of 10 years ? $152,310.09 Round to the nearest cent

A company deposited $5,500 into an investment fund at the beginning of every quarter for 5 years. It then stopped making deposits into the fund and allowed the investment to grow for 5 more years. The fund was growing at 4.25% compounded monthly. a. What was the accumulated value of the fund at the end of 5 years ? $123,198.13 Round to the nearest cent b. What was the accumulated value of the fund at the end of 10 years ? $152,310.09 Round to the nearest cent

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter2: Descriptive Statistics

Section: Chapter Questions

Problem 17P: Suppose that you initially invested 10,000 in the Stivers mutual fund and 5,000 in the Trippi mutual...

See similar textbooks

Similar questions

A company deposited $12,500 into an investment fund at the beginning of every quarter for 5 years. It then stopped making deposits into the fund and allowed the investment to grow for 5 more years. The fund was growing at 4.50% compounded monthly. a. What was the accumulated value of the fund at the end of 5 years ? Round to the nearest cent b. What was the accumulated value of the fund at the end of 10 years ? Round to the nearest cent c. What was the amount of interest earned over the 10-year period?
A company deposited $8,500 into an investment fund at the beginning of every quarter for 4 years. It then stopped making deposits into the fund and allowed the investment to grow for 3 more years. The fund was growing at 4.50% compounded monthly.a. What was the accumulated value of the fund at the end of 4 years ?$0.00b. What was the accumulated value of the fund at the end of 7 years ?$0.00c. What was the amount of interest earned over the 7-year period? Since the birth of his granddaughter, 18 years ago, Nicole has deposited $150 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 4.50% compounded monthly for the first 9 years and 4.75% compounded monthly for the next 9 years. a. What was the accumulated value of the RESP at the end of 9 years? b. What was the accumulated value of the RESP at the end of 18 years? c. What was the amount of interest earned over the 18-year period?
Red Company invested $10,000 in a fund that was earning interest at a rate of 3.00% compounded semi-annually. After 3 years and 9 months, the company transferred these funds to another investment that was earning interest at 5.50% compounded monthly. a. What is the balance in the fund at the end of 3 years and 9 months? b. What is the balance in the fund at the end of 6 years (from the initial investment)? c. By what amount did the fund grow during the 6 year period?
Red Company invested $10,000 in a fund that was earning interest at a rate of 4.00% compounded semi-annually. After 2 years and 6 months, the company transferred these funds to another investment that was earning interest at 5.50% compounded monthly. a. What is the balance in the fund at the end of 2 years and 6 months? $11,040.81 Round to the nearest cent b. What is the balance in the fund at the end of 6 years (from the initial investment)? $0.00 Round to the nearest cent c. By what amount did the fund grow during the 6 year period? Round to the nearest cent Give typing answer with explanation and conclusion
Miguel deposited $11,500 into a fund at the beginning of every quarter for 15 years. He then stopped making deposits into the fund and allowed the investment to grow for 4 more years. The fund was growing at 2.69% compounded monthly. a. What was the accumulated value of the fund at the end of year 15? b. What was the accumulated value of the fund at the end of year 19? c. What is the total amount of interest earned over the 19-year period? 2 company deposited $8,500 into an investment fund at the beginning of every quarter for 4 years. It then stopped making deposits into the fund and allowed the investment to grow for 3 more years. The fund was growing at 4.50% compounded monthly. a. What was the accumulated value of the fund at the end of 4 years ? b. What was the accumulated value of the fund at the end of 7 years ? c. What was the amount of interest earned over the 7-year period?
Jordan deposited $23,500 into a fund at the beginning of every quarter for 20 years. He then stopped making deposits into the fund and allowed the investment to grow for 3 more years. The fund was growing at 4.31% compounded monthly. a. What was the accumulated value of the fund at the end of year 20? Round to the nearest cent b. What was the accumulated value of the fund at the end of year 23? Round to the nearest cent c. What is the total amount of interest earned over the 23-year period? Round to the nearest cent
deposited $11,500 into a fund at the beginning of every quarter for 15 years. She then stopped making deposits into the fund and allowed the investment to grow for 4 more years. The fund was growing at 2.69% compounded monthly. a. What was the accumulated value of the fund at the end of year 15? b. What was the accumulated value of the fund at the end of year 19? c. What is the total amount of interest earned over the 19-year period?
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
Tyler invested $20,300 in a mutual fund at 2.8% compounded semi-annually. After 3 years, the interest rate was changed to 8.2% compounded annually. After the rate change, the money is left in the account for an additional 8 years. How much was the value of the fund after the full 11 years?
A corporation creates a sinking fund in order to have $500,000 to replace some machinery in 9 years. How much should be placed in this account at the end of each quarter if the annual interest rate is 8.9% compounded quarterly? (Round your answers to the nearest cent.)$ How much interest would they earn over the life of the account?$ Determine the value of the fund after 2, 4, and 6 years. 2 years $ 4 years $ 6 years $ How much interest was earned during the third quarter of the 7th year?$
A corporation creates a sinking fund in order to have $510,000 to replace some machinery in 12 years. How much should be placed in this account at the end of each quarter if the annual interest rate is 6.3% compounded quarterly? (Round your answers to the nearest cent.) $ How much interest would they earn over the life of the account? $ Determine the value of the fund after 2, 4, and 6 years. 2 years $ 4 years $ 6 years $ How much interest was earned during the fourth quarter of the 5th year? $
Sarah deposited $26,500 into a fund at the beginning of every quarter for 16 years. He then stopped making deposits into the fund and allowed the investment to grow for 4 more years. The fund was growing at 4.89% compounded monthly. a. What was the accumulated value of the fund at the end of year 16? b. What was the accumulated value of the fund at the end of year 20? c. What is the total amount of interest earned over the 20-year period? Please use algebra with detials