O Question 5

Question 5 Bonus $4,950 was deposited at the end of every month for 9 years into a fund earning 6% compounded monthly. After this period, the accumulated money was left in the account for another 3.5 years at the same interest rate. a) Calculate the accumulated amount at the end of the 12.5-year term. $ b) Calculate the total amount of interest earned during the 12.5-year period. $