HW 3B

Question 1

This set of problems is designed to be calculated using the Excel or financial calculator. You can also use algebraic formulas. Do not use financial tables to calculate these problems.

You have decided to place $525 in equal deposits every month at the beginning of the month into a savings account earning 7.39 percent per year, compounded monthly for the next 7 years. The first deposit is made today. How much money will be in the account at the end of that time period?

Round the answer to two decimal places.

Your Answer: