Today you inherit an account with a balance of $10,000. For a while you don't do...

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Today you inherit an account with a balance of $10,000. For a while you don't do anything with the account but it continues to accrue interest. Exactly 28 months from today you start an ambitious savings plan and deposit $180 into the account. You plan to deposit that much each month. Exactly 52 months from today, you reconsider your plan, make your last deposit, and make no additional deposits. You nonetheless leave the account alone and it continues to accrue interest at a rate of 0.48% per month. You finally close the account exactly 5 years from today. How much is the total accumulation? Today you inherit an account with a balance of $10,000. For a while you don't do anything with the account but it continues to accrue interest. Exactly 28 months from today you start an ambitious savings plan and deposit $180 into the account. You plan to deposit that much each month. Exactly 52 months from today, you reconsider your plan, make your last deposit, and make no additional deposits. You nonetheless leave the account alone and it continues to accrue interest at a rate of 0.48% per month. You finally close the account exactly 5 years from today. How much is the total accumulation?

Answer rating: 100% (QA)

To calculate the total accumulation in the account we need to account for the initial balance monthl... View the full answer