12. Marie deposited $150 at the end of each month into an account earning j2 = 8%. She made thesedeposits for 14 years except that in the fifth year she was unable to make any deposits. Determine thevalue of the account two years after the last deposit.Solution $49 702.1947

The given problem can be solved using FV function in excel. FV function computes account balance in…

Answered: 12. Marie deposited $150 at the end of…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

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9. Penny wants to save $2500 in one year. What amount must she save from each paycheque if she is paid bi- weekly? a. $104.17 b. $96.16 c. $48.08 d. $208.33
Kia deposited $1,100, at the BEGINNING of each year for 25 years in a credit union account. If the account paid 8% interest, compounded annually, use the appropriate formula to find the future value of her account. A. $73,441.24 B. $80,416.53 C. $86,849.86 D. $87,949.86
6. When Alice and Mark's first child was one month old, and at the end of every month thereafter, they invested S80 in a Registered Education Savings Plan (RESP) that paid 6% per year, compounded monthly. Determine the amount in the RESP on the child's 18th birthday. a. $23 114.70 b. $19 177.92 c. $30 988.26 d. $27 051.48
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Q2.2: Since the birth of his granddaughter, 15 years ago, Michael has deposited $150 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 3.75% compounded monthly for the first 8 years and 4.25% compounded monthly for the next 7 years. a. What was the accumulated value of the RESP at the end of 8 years? b. What was the accumulated value of the RESP at the end of 15 years? c. What was the amount of interest earned over the 15-year period? Kindly keep all the decimals for all the preocedures, DO NOT ROUND
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12. Marie deposited $150 at the end of each month into an account earning j2 = 8%. She made these deposits for 14 years except that in the fifth year she was unable to make any deposits. Determine the value of the account two years after the last deposit. Solution $49 702.1947