Question
1) Kym plans to deposit $170 in an account at the end of each month for the next seven (7) years so she can take
1) Kym plans to deposit $170 in an account at the end of each month for the next seven (7) years so she can take a trip.
A) If Kym's opportunity cost is 6 percent compounded monthly, how much will she have in the account in seven years? Do not round intermediate calculations. Round your answer to the nearest cent.
$_________
B)How much will be in the account if the deposits are made at the beginning of each month? Do not round intermediate calculations. Round your answer to the nearest cent.
$________
2)Twelve (12) years ago Bruce invested $1,200. Today, the investment is worth $3,700. If interest is compounded annually, what annual rate of return did Bruce earn on his investment? Do not round intermediate calculations. Round your answer to one decimal place.
_______%
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