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?
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?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 10PROB
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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?
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