8 a) Sam deposited $18,000 at Bank A which credited interest at 4 28 compounded annually He kept his account active for 8 years When he closed his account, he took the proceeds to Bank B and opened a new account For the next 7 years his money earned 7 28 compounded semi annually How much money did Sam have when he closed his account at Bank B use formulas b) Sally would like to purchase a home in 12 years She opens at account at Fidelity to save for her down payment If she deposits $2,500 at the beginning of every month for the next 12 years and account earns 6 24 compounded monthly, how much will she have for her down payment N I PV PMT FV P Y C Y PMT END BEG

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8  a) Sam deposited $18,000 at Bank A which credited interest at 4 28  compounded annually  He kept his account active for 8 years  When he closed his account, he took the proceeds to Bank B and opened a new account  For the next 7 years his money earned 7 28  compounded semi annually  How much money did Sam have when he closed his account at Bank B   use formulas  b) Sally would like to purchase a home in 12 years  She opens at account at Fidelity to save for her down payment  If she deposits $2,500 at the beginning of every month for the next 12 years and account earns 6 24  compounded monthly, how much will she have for her down payment  N   I     PV   PMT   FV   P Y  C Y  PMT  END BEG

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8. a) Sam deposited $18,000 at Bank A which credited interest at 4.28% compounded annually. He kept his account active for 8 years. When he

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