3

A payment of $2,500 was made into an account at the end of every 3 months for 12 years. a. If the interest rate for the first 6 years was 5.00% compounded monthly, calculate the future value at the end of the first 6 years. Round to the nearest cent b. If the interest rate for the next 6 years was 6.00% compounded annually, calculate the future value at the end of the 12 year term. Round to the nearest cent