Payments of $$500\mathrm{.}00$ are made at the beginning of each month for four years. The interest rate is $4\mathrm{.}5\%$ compounded monthly. If no further deposits are made :

a$)$ Calculate the accumulated value twelve years after the first deposit.

b$)$ Calculate the amount deposited.

c$)$ Calculate the interest.

Answer rating: 100% (QA)

To solve this problem well use the formula for the future value of an annuity due and the formula fo... View the full answer