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A company deposited $9,500 into an investment fund at the beginning of every quarter for 4 years. It then stopped making deposits into the fund
A company deposited $9,500 into an investment fund at the beginning of every quarter for 4 years. It then stopped making deposits into the fund and allowed the investment to grow for 6 more years. The fund was growing at 3.50% compounded monthly.
a. What was the accumulated value of the fund at the end of 4 years ?
b. What was the accumulated value of the fund at the end of 10 years ?
c. What was the amount of interest earned over the 10-year period?
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