Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. daniel contributed equal deposits at the end of ev

Daniel contributed equal deposits at the end of every month for 3 years into an...

60.1K

Verified Solution

Question

Finance

Daniel contributed equal deposits at the end of every month for 3 years into an investment fund. He then decided to stop making payments and left the money in the fund to grow for another 4 years. The fund was earning 4.97% compounded monthly for the entire period and the accumulated amount at the end of the term was $120,000. a. Calculate the amount in the fund at the end of 3 years. Round to the nearest cent b. Calculate the size of the periodic deposits into the fund.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

If you have a two tailed test with 10df, your rejection value will be _____________. Group of...

Physics
1.2K views

what is the Drake equation? (write the equation and explain its factors) Research the current values...

Physics
1.2K views

Find the current through the 502 resistor if the voltage drop across 192 resistor is...

Geometry
1.2K views

1 Point A which is located at 4 3 is translated 4 units to the...

Basic Math
1.2K views

Find the standard deviation for the group of data items 17 18 19 19 20...

Basic Math
1.2K views

1 Let S be a non empty subset of R that is bounded above a...

Calculus
1.2K views

Que Find the radian measure that corresponds to the given degree measure 225 a 40500m...

Accounting
1.2K views

Hi there - I need some help with the following question. Thank you. Carson...

Accounting
1.2K views

Question 2 Entries for Issuing Stock On January 22, Limerick Corporation issued for...

Accounting
1.2K views

Pharoah Company is preparing its master budget for 2022. Relevant data pertaining to its sales,...

Accounting
1.2K views

A psychrometer (an instrument used to measure humidity) weighing 4 ounces (1/128 slugs) is whirled...

Accounting
1.2K views

During 2020, Scorpio Foods Inc. made sales of $4,600 (assume all on account) and collected...