On May 11, Ali joined a gulf club. His bank will automatically deduct BD 120 from his checking account at the end of each month, and deposit it into his gulf club account, where it will earn 8% annual interest. The account comes to term on October 7. Find the following: a. Find the future value of Ali's gulf club account. b. Find Ali's total contribution to the account. C. Find the total interest earned on the account.
On May 11, Ali joined a gulf club. His bank will automatically deduct BD 120 from his checking account at the end of each month, and deposit it into his gulf club account, where it will earn 8% annual interest. The account comes to term on October 7. Find the following: a. Find the future value of Ali's gulf club account. b. Find Ali's total contribution to the account. C. Find the total interest earned on the account.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 36P
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Question
On May 11, Ali joined a gulf club. His bank will automatically deduct BD 120 from his checking account at the end of each month, and deposit it into his gulf club account, where it will earn 8% annual interest. The account comes to term on October 7. Find the following:
a. Find the future value of Ali's gulf club account.
b. Find Ali's total contribution to the account.
C. Find the total interest earned on the account.
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