On September 8, Bert Sarkis joined a Christmas club. His bank will automatically deduct $100 from his checking account at the end of each month and deposit it into his Christmas club account, where it will earn 7% interest. The account comes to term on December 1.(a) Find the future value of the account, using an annuity formula. (Round your answer to the nearest cent.)$ (b) Find the future value of the account, using the compound interest formula. (Round your answer to the nearest cent.)$ (c) Find Bert's total contribution to the account.$ (d) Find the total interest. (Round your answer to the nearest cent.)$
On September 8, Bert Sarkis joined a Christmas club. His bank will automatically deduct $100 from his checking account at the end of each month and deposit it into his Christmas club account, where it will earn 7% interest. The account comes to term on December 1.(a) Find the future value of the account, using an annuity formula. (Round your answer to the nearest cent.)$ (b) Find the future value of the account, using the compound interest formula. (Round your answer to the nearest cent.)$ (c) Find Bert's total contribution to the account.$ (d) Find the total interest. (Round your answer to the nearest cent.)$
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...
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On September 8, Bert Sarkis joined a Christmas club. His bank will automatically deduct $100 from his checking account at the end of each month and deposit it into his Christmas club account, where it will earn 7% interest. The account comes to term on December 1.
(a) Find the
$
(b) Find the future value of the account, using the compound interest formula. (Round your answer to the nearest cent.)
$
(c) Find Bert's total contribution to the account.
$
(d) Find the total interest. (Round your answer to the nearest cent.)
$
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