Question FV, (due) - PMT i) Future Value, PV. (due)- PMT ii) Present Value, FV (due) PV (due) PMT (1 + i)" (1+1) iii) s(0-1)="]=> ] 11+(17) 10+1 (**-"]=> 1. Frank deposited $250 at the beginning of each month for four years into a savings account. For the next eight years he made no further deposits but left the money in the account. The savings account paid interest at 4.5% compounded monthly. i) What will the balance be after the first four years? ii) What will the balance be after 12 years? iii) How much in total he deposited? iv) How much interest will have been earned?

B7LBIY The Asker · Advanced Mathematics

Transcribed Image Text: FV, (due) - PMT i) Future Value, PV. (due)- PMT ii) Present Value, FV (due) PV (due) PMT (1 + i)" (1+1) iii) s(0-1)="]=> ] 11+(17) 10+1 (**-"]=> 1. Frank deposited $250 at the beginning of each month for four years into a savings account. For the next eight years he made no further deposits but left the money in the account. The savings account paid interest at 4.5% compounded monthly. i) What will the balance be after the first four years? ii) What will the balance be after 12 years? iii) How much in total he deposited? iv) How much interest will have been earned?
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Transcribed Image Text: FV, (due) - PMT i) Future Value, PV. (due)- PMT ii) Present Value, FV (due) PV (due) PMT (1 + i)" (1+1) iii) s(0-1)="]=> ] 11+(17) 10+1 (**-"]=> 1. Frank deposited $250 at the beginning of each month for four years into a savings account. For the next eight years he made no further deposits but left the money in the account. The savings account paid interest at 4.5% compounded monthly. i) What will the balance be after the first four years? ii) What will the balance be after 12 years? iii) How much in total he deposited? iv) How much interest will have been earned?
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HII  HERE IS THE SOLUTION ... Frank deposited $250 at begining of each month for four years into a saving a/c For next eight yoss he made no deposites beet lept money. in the account. The savings account paid interest at 4.5% compound monthly. L.e. (4.5)/(12)%=0.375% per mouth for nest 8 yrs.So,(1) The balance (Ant:) withe after the first 4 yrs{:[=($2.50 xx12 xx4)xx[1+(0.375)/(100 xx12)]^(12 xx4)],[=${:[$14361.77" (by, using calculator, "],[" on rough calcedd) "]:}],[" (Just to save, time) "]:}(2) The balance after 12 yre will be{ ... See the full answer