Jason made a $300 payment at the end of each month into a CD that paid 4.25% compounded annually. Jennifer made a single initial deposit into the same CD. After 8 years, the future value of each CD was the same. Find the future value of these CDs. Using the TVM Finance solver on your calculator, show the following values and work only for the questions below:

a) What was the amount of Jennifer's initial deposit?

b) Compare the total amount each invested over the eight years.

c) Who earned more interest and by how much?

Answer rating: 100% (QA)

Answer To solve this problem we can use the Time Value of Money TVM finance solver on a calculator G... View the full answer