Matthew invested $875 at the end of every month in an investment fund that was earning interest at a rate of 4.92% compounded monthly. He stopped making regular deposits at the end of 9 years when the interest rate changed to 6.99% compounded quarterly. However, he let the money grow in this investment fund for the next 3 years. a. Calculate the accumulated balance in his investment fund at the end of 9 years. $0.00 Round to the nearest cent b. Calculate the accumulated balance in his investment fund at the end of 12 years. $0.00 Round to the nearest cent c. Calculate the total interest earned over the 12-year period. $0.00 Round to the nearest cent
Matthew invested $875 at the end of every month in an investment fund that was earning interest at a rate of 4.92% compounded monthly. He stopped making regular deposits at the end of 9 years when the interest rate changed to 6.99% compounded quarterly. However, he let the money grow in this investment fund for the next 3 years. a. Calculate the accumulated balance in his investment fund at the end of 9 years. $0.00 Round to the nearest cent b. Calculate the accumulated balance in his investment fund at the end of 12 years. $0.00 Round to the nearest cent c. Calculate the total interest earned over the 12-year period. $0.00 Round to the nearest cent
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Transcribed Image Text:Matthew invested $875 at the end of every month in an investment fund that was
earning interest at a rate of 4.92% compounded monthly. He stopped making regular
deposits at the end of 9 years when the interest rate changed to 6.99% compounded
quarterly. However, he let the money grow in this investment fund for the next 3 years.
a. Calculate the accumulated balance in his investment fund at the end of 9 years.
$0.00
Round to the nearest cent
b. Calculate the accumulated balance in his investment fund at the end of 12 years.
$0.00
Round to the nearest cent
c. Calculate the total interest earned over the 12-year period.
$0.00
Round to the nearest cent
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