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answer a. 13507.98 b. 13523.61 5.22 Philip invests $500 at the beginning of each month into an account earning an effective rate of 6% for

image text in transcribedanswer a. 13507.98 b. 13523.61

5.22 Philip invests $500 at the beginning of each month into an account earning an effective rate of 6% for 2 years. The interest earned from the account can only be reinvested at an effective rate of 5%. (a) Find the accumulated value of the investment after 3 years. (b) Compare your answer with the case when all interests are reinvested at 6% effective

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