Question: Having earned a bonus at his work, Rick placed the money in an investment earning 5.04% compounded monthly. He withdrew $318 at the end of
Having earned a bonus at his work, Rick placed the money in an investment earning 5.04% compounded monthly. He withdrew $318 at the end of every month for the next 9 years.
(a) What was the amount of the bonus?
(b) If he made all of the withdrawals as planned, how much interest was paid?
(a) The amount of the bonus is
$________.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
(b) The interest paid is
$________.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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