11. Suppose you are hired on January 1, 2020 and start depositing $200 at the end...
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11. Suppose you are hired on January 1, 2020 and start depositing $200 at the end of each month, with the first deposit on January 31, 2020, in a pension fund that pays interest of 8% per year compounded monthly on the minimum monthly balance and credited at the end of each month. (a) (2 marks) How much money is in the pension fund on March 1, 2020? (b) (2 marks) How much money is in the pension fund on April 1, 2020? (c) (4 marks) How much money will be in the pension fund on January 1, 2045? (d) (2 marks) What is the total amount of interest earned in this pension fund during these 25 years? 11. Suppose you are hired on January 1, 2020 and start depositing $200 at the end of each month, with the first deposit on January 31, 2020, in a pension fund that pays interest of 8% per year compounded monthly on the minimum monthly balance and credited at the end of each month. (a) (2 marks) How much money is in the pension fund on March 1, 2020? (b) (2 marks) How much money is in the pension fund on April 1, 2020? (c) (4 marks) How much money will be in the pension fund on January 1, 2045? (d) (2 marks) What is the total amount of interest earned in this pension fund during these 25 years?
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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