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Liz contributed equal deposits at the end of every month for 2 years into an investment fund. She then decided to stop making payments and
Liz contributed equal deposits at the end of every month for 2 years into an investment fund. She then decided to stop making payments and left the money in the fund to grow for another 3 years. The fund was earning 3.86% compounded monthly for the entire period and the accumulated amount at the end of the term was $80,000.
a. Calculate the amount in the fund at the end of 2 years.
b. Calculate the size of the periodic deposits into the fund.
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