Question
4. Kelly deposited $10,500 into a fund at the beginning of every quarter for 13 years. He then stopped making deposits into the fund and
4.Kelly deposited $10,500 into a fund at the beginning of every quarter for 13 years. He then stopped making deposits into the fund and allowed the investment to grow for 4 more years. The fund was growing at 3.50% compounded monthly.
a.What was the accumulated value of the fund at the end of year 13?
b.What was the accumulated value of the fund at the end of year 17?
c.What is the total amount of interest earned over the 17-year period?
keep all the decimals for all the procedures, DO NOT ROUND
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
16th edition
125927716X, 978-1259687969, 1259687961, 978-1259277160
