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Title: Conchita Martinez saves $17.25 at the end of each month and deposits the money in an account, paying ... Post by: gewusel on Nov 27, 2017 Conchita Martinez saves $17.25 at the end of each month and deposits the money in an account, paying 4.96% compounded quarterly.
a) How much will she accumulate in 22 years? b) How much of the accumulated amount is interest? Title: Re: Conchita Martinez saves $17.25 at the end of each month and deposits the money in an account, ... Post by: rmaccara on Nov 27, 2017 PMT = 17.25, i = 0.0496 ÷ 4 = 0.0124, n = 22 × 12 = 264, c = =
a) p = - 1 = 0.00411637 FVg = 17.25 = 17.25(475.6458279) = $8204.89 b) Interest = 8204.89 - 264(17.25) = 8204.89 - 4554.00 = $3650.89 |