The amount that accumulates in 3 years if $ 2,500 is deposited at the beginning of each month in a bank that pays a 6.3% annual rate compounded monthly is: a. $ 99,301.39 b. $ 99,735.56 c. $ 101,233.00 d. $ 102,121.14

The amount that accumulates in 3 years if $ 2,500 is deposited at the beginning of each month in a bank that pays a 6.3% annual rate compounded monthly is: a. $ 99,301.39 b. $ 99,735.56 c. $ 101,233.00 d. $ 102,121.14

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 26P

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Question

100%

The amount that accumulates in 3 years if $ 2,500 is deposited at the beginning of each month in a bank that pays a 6.3% annual rate compounded monthly is:

a. $ 99,301.39

b. $ 99,735.56

c. $ 101,233.00

d. $ 102,121.14

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