$4,250 was deposited at the end of every six months for 5 years into a fund earning 2.2%compounded semi-annually. After this period, the accumulated money was left in the account foranother 4 years at the same interest rate.a) Calculate the accumulated amount at the end of the 9-year term.$b) Calculate the total amount of interest earned during the 9-year period.

Solution:- When an equal amount is deposited each period at end of period, it is called ordinary…

Answered: $4,250 was deposited at the end of…

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

Problem 1PS

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