Suppose that today you start a savings account with a deposit of $75, and continue to invest $75 at the beginning of every month for 3 years. If your savings earn 3.00% p.a. and interest is calculated monthly, determine the total in your account at the end of the 3 years. Give your answer to the nearest penny.
Suppose that today you start a savings account with a deposit of $75, and continue to invest $75 at the beginning of every month for 3 years. If your savings earn 3.00% p.a. and interest is calculated monthly, determine the total in your account at the end of the 3 years. Give your answer to the nearest penny.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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![Suppose that today you start a savings account
with a deposit of $75, and continue to invest
$75 at the beginning of every month for 3
years. If your savings earn 3.00% p.a. and
interest is calculated monthly, determine the
total in your account at the end of the 3 years.
Give your answer to the nearest penny.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Febf89683-937a-4183-8535-92576d6ac261%2F50434b1e-f38c-4296-a200-d7139598da5e%2Fzkbo35c_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose that today you start a savings account
with a deposit of $75, and continue to invest
$75 at the beginning of every month for 3
years. If your savings earn 3.00% p.a. and
interest is calculated monthly, determine the
total in your account at the end of the 3 years.
Give your answer to the nearest penny.
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