A worker deposits $650 at the end of each month for 5 years in an investment account

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A worker deposits $650 at the end of each month for 5 years in an investment account with a guaranteed interest rate of 3.52% compounded monthly.

(a) Find the value in the account at the end of the 5 years.

(b) A rival financial planner offers the worker an investment strategy of depositing $550 a month for 5 years with a guaranteed interest rate of 5.49% compounded monthly. What is the value of this investment strategy at the end of 5 years?

Related Book For answer-question

Mathematical Applications for the Management Life and Social Sciences

ISBN: 978-1305108042

11th edition

Authors: Ronald J. Harshbarger, James J. Reynolds

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Posted Date: May 25, 2022 06:42 AM

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A worker deposits $650 at the end of each month for 5 years in an investment account

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Mathematical Applications for the Management Life and Social Sciences

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