Leah invested $875 at the end of every month into an investment fund that was earning interest at 3.25% compounded monthly. He stopped making regular deposits at the end of 8 years when the interest rate changed to 3.50% compounded quarterly. However, he let the money grow in this investment fund for the next 4 years. a. Calculate the accumulated balance in his investment fund at the end of 8 years. $0.00 Round to the nearest cent b. Calculate the accumulated balance in his investment fund at the end of 12 years. $0.00 Round to the nearest cent c. Calculate the amount of interest earned over the 12-year period. $0.00 Round to the nearest cent

Leah invested $875 at the end of every month into an investment fund that was earning interest at 3.25% compounded monthly. He stopped making regular deposits at the end of 8 years when the interest rate changed to 3.50% compounded quarterly. However, he let the money grow in this investment fund for the next 4 years. a. Calculate the accumulated balance in his investment fund at the end of 8 years. $0.00 Round to the nearest cent b. Calculate the accumulated balance in his investment fund at the end of 12 years. $0.00 Round to the nearest cent c. Calculate the amount of interest earned over the 12-year period. $0.00 Round to the nearest cent

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 52P

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