4, Deposits of $500 are made at the end of every month for five years into an account earring 4.5% compounded monthly.a) How much is in the account at the end of five years? $b) How much of this is interest? $

In this we have to calculate future value FACTOR and from that determine the future value of money.

Answered: Deposits of $500 are made at the end of…

Deposits of $500 are made at the end of every month for five years into an account earrfing 4.5% compour a) How much is in the account at the end of five years? $ b) How much of this is interest? $

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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Question

Deposits of $500 are made at the end of every month for five years into an account earring 4.5% compounded monthly.
a) How much is in the account at the end of five years? $
b) How much of this is interest? $

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