Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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The amount that accumulates in 3 years if $ 2,500 is deposited at the beginning of each month in a bank that pays a 6.3% annual rate compounded monthly is:
a. $ 99,301.39
b. $ 99,735.56
c. $ 101,233.00
d. $ 102,121.14
Expert Solution
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Given,
Monthly payment = $2,500
Interest rate = 6.3%
Time period = 3 Years
Step by stepSolved in 3 steps
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