Suppose you invest $1,500.00 in an account with an annual interest rate of 6% compounded monthly (6% = 12 = 0.5% each month). At the end of each month, you deposit $125.00 into the account. Use this information to complete the table below. Round to the nearest cent in each step as needed. Month 0 1 2 3 4 Prior Balance $1,500.00 $1,765.66 0.5% Interest on Prior Balance Submit Question $9.50 Question Help: Video Message instructor Monthly Deposit $125.00 $125.00 $125.00 $125.00 Ending Balance $1,500.00 $1,765.66
Suppose you invest $1,500.00 in an account with an annual interest rate of 6% compounded monthly (6% = 12 = 0.5% each month). At the end of each month, you deposit $125.00 into the account. Use this information to complete the table below. Round to the nearest cent in each step as needed. Month 0 1 2 3 4 Prior Balance $1,500.00 $1,765.66 0.5% Interest on Prior Balance Submit Question $9.50 Question Help: Video Message instructor Monthly Deposit $125.00 $125.00 $125.00 $125.00 Ending Balance $1,500.00 $1,765.66
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
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Transcribed Image Text:Suppose you invest $1,500.00 in an account with an annual interest rate of 6% compounded monthly (6% :
12 0.5% each month). At the end of each month, you deposit $125.00 into the account.
Use this information to complete the table below. Round to the nearest cent in each step as needed.
0.5% Interest
on Prior Balance
Month
Prior Balance
Monthly Deposit
Ending Balance
$1,500.00
$1,500.00
$125.00
2,
$125.00
$1,765.66
3.
$1,765.66
5125.00
59.50
5125.00
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