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Answers 7 Harry is planning a savings plan to save enough money to have a down payment for a home. He plans a uniform series
Answers 7 Harry is planning a savings plan to save enough money to have a down payment for a home. He plans a uniform series payment plan of $ 1000 per month for the next 5 years and also add a uniform gradient payment plan of $10 per month with first payment starting in the second month. The nominal interest nominal is 6% per year and discrete compounding is used. a. What is the total amount he will have paid into his account via the uniform series monthly payment of $ 1000? b. What is the total amount he will have paid into his account via the monthly uniform gradient paym of $10 per month? c. What is the total amount he will have in his account after the five years from the uniform series pa_ including the interest earned? d. What is the total amount he will have in his account after five years from the uniform gradient of $ including the interest earned? e. What is the total amount of interest earned by his savings plan? f. What is the total amount that he will have in his sayingsplan after five yoos? g. What is the total amount he will have in his account after the five years from the uniform series pa including the interest earned if continuous compounding was used
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