Today onn plans to deposit $500 at the beginning of each month II investment fund. The first deposit will be deposited today. John predicts tha return rate of this fund will be j₂=2.23% from 1/7/2021 to 30/9/2021 and j₂=4.3% from 1/10/2021 to 31/12/2021. What will be balance amount of account on 31/12/2021? Round your answer to three decimal places. a. 3032.601 b. 3033.695 c. 3032.335
Today onn plans to deposit $500 at the beginning of each month II investment fund. The first deposit will be deposited today. John predicts tha return rate of this fund will be j₂=2.23% from 1/7/2021 to 30/9/2021 and j₂=4.3% from 1/10/2021 to 31/12/2021. What will be balance amount of account on 31/12/2021? Round your answer to three decimal places. a. 3032.601 b. 3033.695 c. 3032.335
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
Related questions
Question
Transcribed Image Text:Today is 1/7/2021, John plans to deposit $500 at the beginning of each month into an
investment fund. The first deposit will be deposited today. John predicts that the
return rate of this fund will be j2=2.23% from 1/7/2021 to 30/9/2021
and j2=4.3% from 1/10/2021 to 31/12/2021. What will be balance amount of this
account on 31/12/2021? Round your answer to three decimal places.
a. 3032.601
b. 3033.695
c. 3032.335
d. 3031.814
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 1 images
Recommended textbooks for you
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education