Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Brock deposited $19,000 into a fund at the beginning of every quarter for 15 years. He then stopped making deposits into the fund and allowed
Brock deposited $19,000 into a fund at the beginning of every quarter for 15 years. He then stopped making deposits into the fund and allowed the investment to grow for 6 more years. The fund was growing at 3.10% compounded monthly.
a. What was the accumulated value of the fund at the end of year 15?
Round to the nearest cent
b. What was the accumulated value of the fund at the end of year 21?
Round to the nearest cent
c. What is the total amount of interest earned over the 21-year period?
Round to the nearest cent
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started