A given account accrues two kinds of deposits for a period of 7 years. One is a leveled deposit of N$ 2100 every month at a rate of 5.5% compounded monthly. The second is a quarterly deposit of N$ 3500 at the same rate of interest. What will be the outstanding balance in the account at the beginning of 7th year?

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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A given account accrues two kinds of deposits for a
period of 7 years. One is a leveled deposit of N$
2100 every month at a rate of 5.5% compounded
monthly. The second is a quarterly deposit of N$
3500 at the same rate of interest. What will be the
outstanding balance in the account at the beginning
of 7th year?
А.
N$258,647.93
В.
N$285,647.93
С.
N$268,206.35
D.
N$268,062.35
Е.
N$258,674.93
Transcribed Image Text:A given account accrues two kinds of deposits for a period of 7 years. One is a leveled deposit of N$ 2100 every month at a rate of 5.5% compounded monthly. The second is a quarterly deposit of N$ 3500 at the same rate of interest. What will be the outstanding balance in the account at the beginning of 7th year? А. N$258,647.93 В. N$285,647.93 С. N$268,206.35 D. N$268,062.35 Е. N$258,674.93
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