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 5.66% compounded monthly. If he leaves the accumulated money in the savings account for another three years at 5.96% compounded quarterly, how much will he have saved to buy the guitar?
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 5.66% compounded monthly. If he leaves the accumulated money in the savings account for another three years at 5.96% compounded quarterly, how much will he have saved to buy the guitar?
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Transcribed Image Text: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 5.66% compounded monthly. If he leaves the
accumulated money in the savings account for another three years at 5.96%
compounded quarterly, how much will he have saved to buy the guitar?
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