Q1

A company deposited $10,000 into an investment fund at the beginning of every quarter for 3 years. It then stopped making deposits into the fund and allowed the investment to grow for 6 more years. The fund was growing at 3.50% compounded monthly.

a. What was the accumulated value of the fund at the end of 3 years ?

Round to the nearest cent

b. What was the accumulated value of the fund at the end of 9 years ?

Round to the nearest cent

c. What was the amount of interest earned over the 9-year period?

Round to the nearest cent

Q.2

Brianna secured a lease on a machine by paying $1,300 as a down payment and then $850 at the beginning of every month for 6 years. The lease rate was 3.50% compounded monthly.

a. What was the principal amount of the lease?

Round to the nearest cent

b. What was the cost of the machine?

Round to the nearest cent

c. What was the amount of interest paid over the term of the lease?

Round to the nearest cent