EXAMPLE 2.4 (Annuity accumulation with non-level interest rates) Suppose that in Example 2.1 the nominal annual interest rate earned on the account changes to 7.5% (still compounded monthly) as of January 1, 2010. What is the accumulated value of the account on December 31, 2015? EXAMPLE 2.1 (Accumulation of a level payment annuity) The federal government sends Smith a family allowance payment of $30! every month for Smith's child. Smith deposits the payments in a bank account on the last day of each month. The account earns interest at the annual rate of 9% compounded monthly and the interest is paid into the account on the last day of each month. If the first payment is deposited on May 31, 2004, what is the account balance on December 31, 2015, including the payment just made and interest paid that day