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Cam saved $295 each month for the last four years while he was working. Since he has now gone back to school, his income is lower and he cannot continue to save this amount during the time he is studying. He plans to continue with his studies for four years and not withdraw any money from his savings account. Money is worth 4.5% compounded monthly (a) How much will Cam have in total in his savings account when he finishes his studies? (b) How much did he contribute? (c) How much will be interest?

Cam saved $295 each month for the last four years while he was working. Since he has now gone back to school, his income is lower and he cannot continue to save this amount during the time he is studying. He plans to continue with his studies for four years and not withdraw any money from his savings account. Money is worth 4.5% compounded monthly (a) How much will Cam have in total in his savings account when he finishes his studies? (b) How much did he contribute? (c) How much will be interest?

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Cam saved $295 each month for the last four years while he was working. Since he has now gone back to school, his income is lower and he cannot continue to save this amount during the time he is studying. He plans to continue with his studies for four years and not withdraw any money from his savings account. Money is worth 4.5% compounded monthly . (a) How much will Cam have in total in his savings account when he finishes his studies? (b) How much did he contribute? (c) How much will be interest?
Transcribed Image Text:Cam saved $295 each month for the last four years while he was working. Since he has now gone back to school, his income is lower and he cannot continue to save this amount during the time he is studying. He plans to continue with his studies for four years and not withdraw any money from his savings account. Money is worth 4.5% compounded monthly . (a) How much will Cam have in total in his savings account when he finishes his studies? (b) How much did he contribute? (c) How much will be interest?
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