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Ahmet deposits $2500 TL every month into a sinking fund that earns 8% compounded monthly. Due to some financial problems this deposits stop after 5
Ahmet deposits $2500 TL every month into a sinking fund that earns 8% compounded monthly. Due to some financial problems this deposits stop after 5 years, but the account continues to earn interest for 10 more years after the last deposit was made. Answer the following questions in the appropriate boxes below. (Round your answers to two decimal places.)
(a) How much is in the account right after the last deposit is made?
(b) How much is in the account at the end of this 15 years process?
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