Question
Henrietta made monthly deposits of $1000 at the end of each month into an account paying 6.8% compunded monthly for 12.5 years. She then left
Henrietta made monthly deposits of $1000 at the end of each month into an account paying 6.8% compunded monthly for 12.5 years. She then left the funds in the account for an additional 31.5 years, until her 65th birthday.
a) How much is her account worth at the end of the 43-year period?
b) How much did she pay into the account
c) How much interest did she earn?
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International Financial Management
Authors: Jeff Madura
3rd Edition
0314862722, 978-0314862723
