Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kelly deposited $22,000 into a fund at the beginning of every quarter for 13 years. She then stopped making deposits into the fund and allowed

Kelly deposited $22,000 into a fund at the beginning of every quarter for 13 years. She then stopped making deposits into the fund and allowed the investment to grow for 4 more years. The fund was growing at 6.49% compounded monthly.

a. What was the accumulated value of the fund at the end of year 13?

Round to the nearest cent

b. What was the accumulated value of the fund at the end of year 17?

Round to the nearest cent

c. What is the total amount of interest earned over the 17-year period?

Round to the nearest cent

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Bitcoin

Authors: Robert P. Murphy ,Silas Barta

1st Edition

1505819784, 978-1505819786

More Books

Students also viewed these Finance questions

Question

Find dy/dx if x = te, y = 2t2 +1

Answered: 1 week ago