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

Richard contributed equal deposits at the end of every month for 4 years into an...

50.1K

Verified Solution

Question

Finance

Richard contributed equal deposits at the end of every month for 4 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 4.32% compounded monthly for the entire period and the accumulated amount at the end of the term was $100,000.

a. Calculate the amount in the fund at the end of 4 years.

Round to the nearest cent

b. Calculate the size of the periodic deposits into the fund.

Round to the nearest cent

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

Basic Math
1.2K views

Sketch the given vector with initial point 5 3 6 2 U

Psychology
1.2K views

2.) Discuss and describe each of the Five Pillars of Islam. How do they relate to...

Advance Math
1.2K views

Find the local maximum and minimum values and saddle point(s) of the function. If you have...

General Management
1.2K views

Describe and rate Toyota 1) business ethics, 2) social responsibility, and 3) environmental sustainability

Biology
1.2K views

1 You are given a mixture containing two compounds A and B Both compounds have...

Physics
1.2K views

When you attach a 1.00 m long section of wire to the ends of a...

Basic Math
1.2K views

Solve 4 |x + 7| = 24.A. x = 13 and x=-1B. x= -13 and...

Basic Math
1.2K views

The amounts of time per workout an athlete uses a stairclimber are normally distributed, with...

Accounting
1.2K views

Which of the following organization structure would most benefit from QuickBooks Online Advanced?.

Accounting
1.2K views

preparing a schedule of cost of goods manufactured and an income statement for a manufacturing...

Accounting
1.2K views

On January 1, 2026, Tandom Company leased some equipment from Johnson Corporation. The terms of...

Accounting
1.2K views

In batch processing, data is collected as it is generated and processed later at a...