Commencing January 1 2022 Naomi plans to deposit $500 at the beginning of each month into an
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Question:
Commencing January 1 2022 Naomi plans to deposit $500 at the beginning of each month into an investment fund. The first deposit will be made on January 1 2022. Naomi predicts that the rate of return on this fundwill be j12=3.15% from 1 January 2022 to 30 June 2022 andj12=3.68% from 1 July 2022 to 31 December 2022. If we assume these deposits are made at regular intervals, what will the balance of this account be on 31 December 2022?
Question 10Answer
a.6108.05
b.6060.05
c.6116.19
d.6098.84
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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