Starting September 1, 1992, Chasya tried to accumulate a $10,000 fund by depositing $100 at the...

  

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Starting September 1, 1992, Chasya tried to accumulate a $10,000 fund by depositing $100 at the end of each month. The interest rate on the fund is j12 = 12%. Until May 1, 1995 and then drops to j12 = 10.5%. Find: a. The number of full $100 deposits involved from September 1, 1992 until May 1, 1995, and the accumulated value of these deposits. (5 marks) b. The number of additional deposits of $100 required. (3 marks) Salmah's inherited money was invested in an account which provided her $7,000 at the beginning of every month for 30 years. If the interest rate on the savings account was 4% compounded semi-annually, what is the amount of the inheritance? (6 marks) Starting September 1, 1992, Chasya tried to accumulate a $10,000 fund by depositing $100 at the end of each month. The interest rate on the fund is j12 = 12%. Until May 1, 1995 and then drops to j12 = 10.5%. Find: a. The number of full $100 deposits involved from September 1, 1992 until May 1, 1995, and the accumulated value of these deposits. (5 marks) b. The number of additional deposits of $100 required. (3 marks) Salmah's inherited money was invested in an account which provided her $7,000 at the beginning of every month for 30 years. If the interest rate on the savings account was 4% compounded semi-annually, what is the amount of the inheritance? (6 marks)