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An investor is setting up a fund which requires 11 years of contributions. The investor pays £200 per month for 5 years. After 5 years, the payments increase by £50 for the subsequent 6 years. All payments are made in arrears, i.e at the end of the period. The effective annual rate i = 2%. What is the value of the fund after 11 years? £ 数字 Enter an answer correct to 2 decimal places.

An investor is setting up a fund which requires 11 years of contributions. The investor pays £200 per month for 5 years. After 5 years, the payments increase by £50 for the subsequent 6 years. All payments are made in arrears, i.e at the end of the period. The effective annual rate i = 2%. What is the value of the fund after 11 years? £ 数字 Enter an answer correct to 2 decimal places.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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An investor is setting up a fund which requires 11 years of contributions. The investor pays £200 per month for 5 years. After 5 years, the payments increase by £50 for the subsequent 6 years. All payments are made in arrears, i.e at the end of the period. The effective annual rate i = 2%. What is the value of the fund after 11 years? £ 数字 Enter an answer correct to 2 decimal places.
Transcribed Image Text:An investor is setting up a fund which requires 11 years of contributions. The investor pays £200 per month for 5 years. After 5 years, the payments increase by £50 for the subsequent 6 years. All payments are made in arrears, i.e at the end of the period. The effective annual rate i = 2%. What is the value of the fund after 11 years? £ 数字 Enter an answer correct to 2 decimal places.
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