Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On September 1, 2010, you decided to put $ 16000 in a money market fund. On March 1, 2015, you deposit anothe $ 18000 and

image text in transcribed

image text in transcribed

image text in transcribed

On September 1, 2010, you decided to put $ 16000 in a money market fund. On March 1, 2015, you deposit anothe $ 18000 and on January 1, 2018, you added another $ 18000. This fund pays interest at the annual rate of 7.2%, compounded monthly. Find the future value of the fund on January 1, 2018, just before the third deposit. O a. $ 54735.21 O b. $ 49145.75 O c. $54889.72 O d. $54185.97 O e. $53408.00 On September 1, 2010, you put $ 16000 in a money market fund. On March 1, 2015, you deposit another $ 18000 and on January 1, 2018, you added another $ 18000. This fund pays interest at the annual rate of 7.2%, compounded monthly. Find the future value of the fund on March 1, 2015, immediately after the second deposit. a. $ 40100.94 O b. $40194.86 O c. $ 40355.01 O d. $ 39175.26 O e. $39569.31 On September 1, 2010, you decided to put $ 16000 in a money market fund. On March 1, 2015, you deposit another $ 18000 and on January 1, 2018, you added another $ 18000. This fund pays interest at the annual rate of 7.2%, compounded monthly. Find the future value of the fund on January 1, 2018, just before the third deposit. O a. $ 54735.21 O b. $ 49145.75 O c. $54889.72 O d. $ 54185.97 e. $ 53408.00

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

Performance Measurement In Finance

Authors: John Knight, Stephen Satchell, Nathalie Farah

1st Edition

ISBN: 0750650265, 978-0750650267

More Books

Students also viewed these Finance questions

Question

What is the relationship between supply and demand?

Answered: 1 week ago

Question

1. What are the pros and cons of diversity for an organisation?

Answered: 1 week ago

Question

1. Explain the concept of diversity and equality in the workplace.

Answered: 1 week ago