Question: please help me with this question, thank you! Ken planned to make monthly deposits in to a saving account at a nominal rate of 3%

please help me with this question, thank you!

Ken planned to make monthly deposits in to a saving account at a nominal rate of 3% compounded monthly for 180 months. The amount of deposit is k at the end of the K^th month, where k = 1; 2; :::; 180. However, he was unemployed for a short period of time, so he missed the 1st through 9th payments. He made the rest of the payments as planned. How much does Ken have in his saving account at the end of the 180th month after the last deposit?

(a) 18,941-18,950 (b) 18,951-18,960 (c) 18,961-18,970 (d) 18,971-18,980 (e) 18,931-18,940

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!