A savings plan requires deposits of $487 per month for 22 months commencing in 1 month from today. If the interest rate is 14.9% p.a compounding monthly, the value of the investment immediately after the last deposit will be (round to nearest cent; don't use $ sign or commas):

A savings plan requires deposits of $487 per month for 22 months commencing in 1 month from today. If the interest rate is 14.9% p.a compounding monthly, the value of the investment immediately after the last deposit will be (round to nearest cent; don't use $ sign or commas):

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A savings plan requires deposits of $487 per month for 22 months commencing in 1 month from today. If the interest
rate is 14.9% p.a compounding monthly, the value of the investment immediately after the last deposit will be (round
to nearest cent; don't use $ sign or commas):
a. $947.82
b. $12385.50
c. $1089.05
d. $12233.60

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