a) Mr. Mikhail made 24 monthly deposits of $250 into an account that earns 8% compounded quarterly. How much will be in the account three years after his last deposit?

b) Cheryl plans to purchase another delivery vehicle for her small business in eight months from now. If her goal is to have a down payment of $5,000 at the time of the vehicle purchase, how much would Cheryl need to save at the end of every month for the next eight months if she can earn 3% compounded monthly on her funds?

 

Answer rating: 100% (QA)

a To calculate the amount in the account three years after Mr Mikhails last deposit we need to deter... View the full answer