Suppose that today you start a savings account with a deposit of $75, and continue to invest $75 at the beginning of every month for 3 years. If your savings earn 3.00% p.a. and interest is calculated monthly, determine the total in your account at the end of the 3 years. Give your answer to the nearest penny.

Suppose that today you start a savings account with a deposit of $75, and continue to invest $75 at the beginning of every month for 3 years. If your savings earn 3.00% p.a. and interest is calculated monthly, determine the total in your account at the end of the 3 years. Give your answer to the nearest penny.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

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