On September 1, 2010, you decided to put $ 12000 in a money market fund. On March 1, 2015, you deposit another $ 15000 and on Jan 1, 2018, you added another $ 13000. This fund pays interest at the annual rate of 7.2%, compounded monthly. Find the future value of the fund on January 1, 2019, one year after the third deposit.

On September 1, 2010, you decided to put $ 12000 in a money market fund. On March 1, 2015, you deposit another $ 15000 and on Jan 1, 2018, you added another $ 13000. This fund pays interest at the annual rate of 7.2%, compounded monthly. Find the future value of the fund on January 1, 2019, one year after the third deposit.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 13P: Present Value of an Annuity Ralph Benke wants to make 8 equal semiannual withdrawals of 8,000 from a...

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