Sam got a job at the Brick. He plans to save $500 every month for 3 years to buy a car. The savings account earns 2.25% compounded semi-annually. If he puts the money in his savings account at the beginning of each month, what will be the balance in the account at the end of the three-year term?   Question 15 options:   A)  $18 603.37   B)  $18 635.22   C)  $18 600.50   D)  $18 638.25   E)  $17 390.19

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
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Sam got a job at the Brick. He plans to save $500 every month for 3 years to buy a car. The savings account earns 2.25% compounded semi-annually. If he puts the money in his savings account at the beginning of each month, what will be the balance in the account at the end of the three-year term?
 

Question 15 options:

 

A) 

$18 603.37
 

B) 

$18 635.22
 

C) 

$18 600.50
 

D) 

$18 638.25
 

E) 

$17 390.19

 

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