At the beginning of each month, $400 is deposited into a scholarship fund. The fund earns 5% annual interest, compounded monthly, and paid into the account at the end of the month. How much is in the account if deposits are made for 6 years? (Round your answer to the nearest cent if necessary.)

At the beginning of each month, $400 is deposited into a scholarship fund. The fund earns 5% annual interest, compounded monthly, and paid into the account at the end of the month. How much is in the account if deposits are made for 6 years? (Round your answer to the nearest cent if necessary.)

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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