For 9 years, Janet saved $500 at the beginning of every month in a fund that earned 4.5% compounded annually. a. What was the balance in the fund at the end of the period? Round to the nearest cent b. What was the amount of interest earned over the period? Round to the nearest cent
For 9 years, Janet saved $500 at the beginning of every month in a fund that earned 4.5% compounded annually. a. What was the balance in the fund at the end of the period? Round to the nearest cent b. What was the amount of interest earned over the period? Round to the nearest cent
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 10PROB
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For 9 years, Janet saved $500 at the beginning of every month in a fund that earned 4.5% compounded annually.
a. What was the balance in the fund at the end of the period?
Round to the nearest cent
b. What was the amount of interest earned over the period?
Round to the nearest cent
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