A payment of $195 was made at the beginning of each month for 4 years into a savings account. After that the accumulated amount was left on the account for 7 years. The interest rate on the account is 6.2% compounded semi-annually. Find the interest earned on the account.
A payment of $195 was made at the beginning of each month for 4 years into a savings account. After that the accumulated amount was left on the account for 7 years. The interest rate on the account is 6.2% compounded semi-annually. Find the interest earned on the account.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A payment of $195 was made at the beginning of each month for 4 years into a savings account. After that the accumulated amount was left on the account for 7 years. The interest rate on the account is 6.2% compounded semi-annually. Find the interest earned on the account.
USE FINANCIAL CALCULATOR. USE PMT / BGN FUNCTIONS
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