You make single investment of $500 in mutual fund earning 8% annual interest which is compounded monthly. You leave it in the fund for 6 years. After 6 years, you begin depositing $80 per month into the fund. You do this for the next 14 years, A.) How much is in the fund after the first 6 years? Round to the nearest cent B.) How much is in the fund after all 20 years (6+14 years)?Round to the nearest cent
You make single investment of $500 in mutual fund earning 8% annual interest which is compounded monthly. You leave it in the fund for 6 years. After 6 years, you begin depositing $80 per month into the fund. You do this for the next 14 years, A.) How much is in the fund after the first 6 years? Round to the nearest cent B.) How much is in the fund after all 20 years (6+14 years)?Round to the nearest cent
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 22P
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You make single investment of $500 in mutual fund earning 8% annual interest which is compounded monthly. You leave it in the fund for 6 years. After 6 years, you begin depositing $80 per month into the fund. You do this for the next 14 years,
A.) How much is in the fund after the first 6 years? Round to the nearest cent
B.) How much is in the fund after all 20 years (6+14 years)?Round to the nearest cent
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