Sean contributed equal deposits at the end of every month for 2 years into aninvestment fund. He then decided to stop making payments and left the money in thefund to grow for another 4 years. The fund was earning 3.23% compounded monthlyfor the entire period and the accumulated amount at the end of the term was$120,000.a. Calculate the amount in the fund at the end of 2 years.7Round to the nearest centb. Calculate the size of the periodic deposits into the fund.

This can be solved in excel. Put the cell for the monthly deposits as a blank. Now for determining…

Answered: Sean contributed equal deposits at the…

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

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Matthew invested the profit of his business in an investment fund that was earning 3.75% compounded monthly. He began withdrawing $2,500 from this fund every 6 months, with the first withdrawal in 4 years. If the money in the fund lasted for the next 3 years, how much money did he initially invest in the fund? $ $0.00 Round to the nearest cent
Your grandmother closed her bank account from a thrift bank and gotP6, 000, 000 with the 8% annual interest given. She said she has been savingup a same amount each year for 30 years where 8% interest has beenapplied. How much would her annual savings deposits be when her lastdeposit was a year ago? ANS:49, 041.3 show solution
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