MATHEMATICS OF BUSINESS AND FINANCE Eric invested $1,250 at the end of every month into...
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MATHEMATICS OF BUSINESS AND FINANCE
Eric invested $1,250 at the end of every month into an investment fund that was earning interest at 4.50% compounded monthly. He stopped making regular deposits at the end of 5 years when the interest rate changed to 4.75% compounded quarterly. However, he let the money grow in this investment fund for the next 4 years.
a. Calculate the accumulated balance in his investment fund at the end of 5 years.
b. Calculate the accumulated balance in his investment fund at the end of 9 years.
c. Calculate the amount of interest earned over the 9-year period.
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