Suppose a recent college graduate's first job allows her to deposit $100 at the end of each month in a savings plan that earns 12%, compounded monthly. This savings plan continues for 6 years before new obligations make it impossible to continue. If theaccrued amount remains in the plan for the next 15 years without deposits or withdrawals, how much money will be in the account 21 years after the plan began? (Round your answer to the nearest cent.)$

Here, Particulars Values Monthly deposit $100.00 Interest rate 12.00% No. of compounding…

Answered: Suppose a recent college graduate's…

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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Particulars	Values
Monthly deposit	$100.00
Interest rate	12.00%
No. of compounding periods	12.00
Time period	6.00
Future value of money in the account at the end of 21 years	?