A company deposited $10,000 into an investment fund at the beginning of every quarter for 3 years. It then stopped making deposits into the fund and allowed the investment to grow for 3 more years. The fund was growing at 5.50% compounded monthly. a. What was the accumulated value of the fund at the end of 3 years? Round to the nearest cent b. What was the accumulated value of the fund at the end of 6 years? Round to the nearest cent c. What was the amount of interest earned over the 6-year period? Round to the nearest cent
A company deposited $10,000 into an investment fund at the beginning of every quarter for 3 years. It then stopped making deposits into the fund and allowed the investment to grow for 3 more years. The fund was growing at 5.50% compounded monthly. a. What was the accumulated value of the fund at the end of 3 years? Round to the nearest cent b. What was the accumulated value of the fund at the end of 6 years? Round to the nearest cent c. What was the amount of interest earned over the 6-year period? Round to the nearest cent
Essentials of Business Analytics (MindTap Course List)
2nd Edition
ISBN:9781305627734
Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Chapter2: Descriptive Statistics
Section: Chapter Questions
Problem 17P: Suppose that you initially invested 10,000 in the Stivers mutual fund and 5,000 in the Trippi mutual...
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H3.
![A company deposited $10,000 into an investment fund at the beginning of every
quarter for 3 years. It then stopped making deposits into the fund and allowed the
investment to grow for 3 more years. The fund was growing at 5.50% compounded
monthly.
a. What was the accumulated value of the fund at the end of 3 years?
Round to the nearest cent
b. What was the accumulated value of the fund at the end of 6 years?
Round to the nearest cent
c. What was the amount of interest earned over the 6-year period?
Round to the nearest cent](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffd0ad285-993a-4693-bd2d-c219acf44c8e%2F56e0a3a1-f4a6-4e14-b1cd-0802753f2237%2Froych3t_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A company deposited $10,000 into an investment fund at the beginning of every
quarter for 3 years. It then stopped making deposits into the fund and allowed the
investment to grow for 3 more years. The fund was growing at 5.50% compounded
monthly.
a. What was the accumulated value of the fund at the end of 3 years?
Round to the nearest cent
b. What was the accumulated value of the fund at the end of 6 years?
Round to the nearest cent
c. What was the amount of interest earned over the 6-year period?
Round to the nearest cent
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