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Accounting

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22. A couple made monthly deposits of $400 into an account paying interest at 5.25% compounded quarterly. The first deposit was made on August 1, 2003; the last deposit was made on December 1, 2006. a) How much money will be in the account on January 1, 2007? b) How much money will they be able to withdraw monthly, starting on February 1, 2007, and ending February 1, 2008, to pay for their expenses during their planned trip around the world? Solution a) $17991.16 b) $1426.50

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