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Problem 11: Todsy, Jan. 1, 2023, Kobe starts an investment acoount and this acoount guarantees an interest rate of 6%, compounded monthly. To start, he
Problem 11: Todsy, Jan. 1, 2023, Kobe starts an investment acoount and this acoount guarantees an interest rate of 6%, compounded monthly. To start, he frst transters his $3,000 saving into this acooun' so the account balance is 33,000 on Jan. 1, 2023 (t month 0). In addition, he will continue to add money to this account through two ways for totally 5 years. First, at the end of each month, he will deposit $200 from his eamings to this account. First $200 will be deposited on Jan. 31, 2023(t11) and last deposit of $200 will be made on Dec. 31, 2027(t=60). totaly 60 monthly deposits (\$200 each) Second, his grandparents will tanster 53,000 to this acoount once every 6 months. Figt transfer will be made on June 30.2023(t+5) and last transter will be made on Dec. 31, 2027 (t=00), totally 10 transfer pryments (\$3,000 each) In adbtion, the financial institute utich manages this account will charge monthly management fee and this fee will be deducted from the account at the end of each month. The foe for the first month (deducted on Jan. 31, 2023) will be $10 and this fee is going to increase by $1 per month thereafier. Therefore, the management fee for the last month of the 5-year period (Dec. 31 2027) will
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