If you deposit $1000 per month into an investment account that pays interest at a rate of

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If you deposit $1000 per month into an investment account that pays interest at a rate of 6% per year, compounded quarterly, how much will be in the account at the end of 5 years? There is no inter-period compounding.

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Engineering economy

ISBN: 978-0073376301

7th Edition

Authors: Leland Blank, Anthony Tarquin

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Question Posted: Dec 17, 2012 05:39 AM

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If you deposit $1000 per month into an investment account that pays interest at a rate of

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Deposit amount per month 1000 So total deposit amount in 5 year 1000 x 12x...View the full answer

Engineering economy

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