Calculate the accumulated amount at the end of year 17 of the following regular series of payments made into a savings plan: £2746 pa paid monthly in advance in years 1 to 7 (inclusive) and then £968 pa paid 4-monthly in advance in years 12 to 17 (inclusive). Consider that the fund in the savings plan accumulates compoundly at a nominal rate of interest of 4.7% pa convertible quarterly and that withdrawals from the fund are not possible during the term. (correct answer = 43108.50)
Calculate the accumulated amount at the end of year 17 of the following regular series of payments made into a savings plan: £2746 pa paid monthly in advance in years 1 to 7 (inclusive) and then £968 pa paid 4-monthly in advance in years 12 to 17 (inclusive). Consider that the fund in the savings plan accumulates compoundly at a nominal rate of interest of 4.7% pa convertible quarterly and that withdrawals from the fund are not possible during the term. (correct answer = 43108.50)
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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Calculate the accumulated amount at the end of year 17 of the following regular series of payments made into a savings plan:
£2746 pa paid monthly in advance in years 1 to 7 (inclusive) and then
£968 pa paid 4-monthly in advance in years 12 to 17 (inclusive).
Consider that the fund in the savings plan accumulates compoundly at a nominal rate of interest of 4.7% pa convertible quarterly and that withdrawals from the fund are not possible during the term. (correct answer = 43108.50)
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