Question
Note : In a General Annuity the interest period does not match the payment period. That means that each question requires a two-step solution Step
Note :
In a General Annuity the interest period does not match the payment period.
That means that each question requires a two-step solution
Step 1 - find the equivalent interest rate to match the payment period. Do not round this interest rate
Step 2 - use the appropriate formula, Sn or An.
If you do not recognize the general annuity and skip Step 1, you will score 0% on Test 4.
Question content area top
Part 1
Julia
saves
$28
at the end of each
week
and deposits the money in an account paying
10%
compounded
monthly.
How much will
Julia
accumulate in
3
years? How much of the accumulated amount is interest?
Question content area bottom
Part 1
Julia
will accumulate
$enter your response here
in
3
years.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Part 2
After
3
years,
$enter your response here
of the accumulated amount is interest.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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