To purchase a specialty guitar for his band, for the last two years JJ Morrison has made payments of $80 at the end of each month into a savings account earning interest at 4.42% compounded monthly. If he leaves the accumulated money in the savings account for another three years at 5.17% compounded quarterly, how much will he have saved to buy the guitar? The balance in the account will be $_______ Please don't give handwritten answer (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
To purchase a specialty guitar for his band, for the last two years JJ Morrison has made payments of $80 at the end of each month into a savings account earning interest at 4.42% compounded monthly. If he leaves the accumulated money in the savings account for another three years at 5.17% compounded quarterly, how much will he have saved to buy the guitar? The balance in the account will be $_______ Please don't give handwritten answer (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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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To purchase a specialty guitar for his band, for the last two years JJ Morrison has made payments of $80 at the end of each month into a savings account earning interest at 4.42% compounded monthly. If he leaves the accumulated money in the savings account for another three years at 5.17% compounded quarterly, how much will he have saved to buy the guitar?
The balance in the account will be $_______
Please don't give handwritten answer (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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