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5. Officers of the Night Watch are raising money to provide the family of fallen...

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Accounting

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5. Officers of the Night Watch are raising money to provide the family of fallen Sgt. John Keel with a monthly allowance for the next 25 years: $50 in each December, and $30 per month in all other months. Suppose that the nominal annual interest rate is 3% compounded monthly and the first payment is made on June 1 (a) How much money do the officers have to raise by the time of the first payment? (b) If the calendar of Ankh-Morpork has 13 months, and June is the 7th month of the year how much money do the officers have to raise by the time of the first payment

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