a) Find the future value of the account, using an annuity formula. (Round your answer to the nearest cent.) $  (b) Find the future value of the account, using the compound interest formula. (Round your answer to the nearest cent.) $  (c) Find Bert's total contribution to the account. $  (d) Find the total interest. (Round your answer to the nearest cent.)

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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On September 8, Bert Sarkis joined a Christmas club. His bank will automatically deduct $50 from his checking account at the end of each month and deposit it into his Christmas club account, where it will earn 8% interest. The account comes to term on December 1.
(a) Find the future value of the account, using an annuity formula. (Round your answer to the nearest cent.)


(b) Find the future value of the account, using the compound interest formula. (Round your answer to the nearest cent.)


(c) Find Bert's total contribution to the account.


(d) Find the total interest. (Round your answer to the nearest cent.)

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