Question
Claude made annual deposits of $5900 at the beginning of every one-year period into a fund earning 3.1% compounded annually for eight years. No further
Claude made annual deposits of $5900 at the beginning of every one-year period into a fund earning 3.1% compounded annually for eight years. No further deposits were made.(a) How much will be in the account seventeen years after the first deposit?
(b) How much in total was deposited?
(c) How much interest will have been earned?
a) The balance in the account seventeen years after the first deposit will be $____.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
b) The amount deposited was $____ in total.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
c) Claude will have earned $____ in interest.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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