Question
Daniel invested $575 at the end of every month in an investment fund that was earning interest at a rate of 4.08% compounded monthly. He
Daniel invested $575 at the end of every month in an investment fund that was earning interest at a rate of 4.08% compounded monthly. He stopped making regular deposits at the end of 7 years when the interest rate changed to 6.99% compounded quarterly. However, he let the money grow in this investment fund for the next 2 years.
a. Calculate the accumulated balance in his investment fund at the end of 7 years.
Round to the nearest cent
b. Calculate the accumulated balance in his investment fund at the end of 9 years.
Round to the nearest cent
c. Calculate the total interest earned over the 9-year period.
Round to the nearest cent
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