Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Today is 1 / 7 / 2 0 2 1 , John plans to deposit $ 5 0 0 at the beginning of each month

Today is 1/7/2021, John plans to deposit $500 at the beginning of each month into an investment fund. The first deposit will be deposited today. John predicts that the return rate of this fund will be j2=3.2% from 1/7/2021 to 30/9/2021 and j2=4.83% from 1/10/2021 to 31/12/2021. What will be balance amount of this account on 31/12/2021? Round your answer to three decimal places.
Question 11 Answer
a.
3037.527
b.
3038.404
c.
3038.048
d.
3039.408

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

Strategic Public Finance

Authors: Stephen Bailey

1st Edition

0333922212, 978-033392221

More Books

Students also viewed these Finance questions