Question
1. a)You want to receive $600.00 at the end of three months for five years. Interest is 7.6% compounded quarterly. How much would you have
1. a)You want to receive $600.00 at the end of three months for five years. Interest is 7.6% compounded quarterly. How much would you have to deposit at the beginning of the five-year period?
b) Payments of $360.00 are made into a fund at the end of every three months for twelve years. The fund earns interest at 7% compounded quarterly. What will be the balance in the fund after twelve years?
c) How much interest is included in the accumulated value of $75.90 paid at the end of each month for four years if interest is 9% compounded monthly?
Please clearly explain formula used.
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