A payment of $4,500 was made into an account at the end of every 3 months for 12 years. a. If the interest rate for the first 5 years was 6.00% compounded monthly, calculate the future value at the end of the first 5 years. Round to the nearest cent b. If the interest rate for the next 7 years was 4.00% compounded annually, calculate the future value at the end of the 12 year term. Round to the nearest cent

A payment of $4,500 was made into an account at the end of every 3 months for 12 years. a. If the interest rate for the first 5 years was 6.00% compounded monthly, calculate the future value at the end of the first 5 years. Round to the nearest cent b. If the interest rate for the next 7 years was 4.00% compounded annually, calculate the future value at the end of the 12 year term. Round to the nearest cent

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 26P

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