On September 1, 2010, you decided to put $ 15000 in a money market fund. On March 1, 2015, you deposit another $ 16000 and on Jan 1, 2018, you added another $ 18000. This fund pays interest at the annual rate of 7.2%, compounded monthly. Find the future value of the fund on January 1, 2019, one year after the third deposit.

On September 1, 2010, you decided to put $ 15000 in a money market fund. On March 1, 2015, you deposit another $ 16000 and on Jan 1, 2018, you added another $ 18000. This fund pays interest at the annual rate of 7.2%, compounded monthly. Find the future value of the fund on January 1, 2019, one year after the third deposit.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 20P

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