Question

Jamie is making quarterly contributions of of $290 to her savings account which pays interest at the APR of 7.2%, compounded quarterly. Right after Jamie makes her 30th contribution, the bank changes the APR to 4.5% and Jamie makes 54 more $290 contributions. What is Jamie's balance right after her last contribution?

Jamie is making quarterly contributions of of $290 to her savings account which pays interest at the APR of 7.2%, compounded quarterly. Right after Jamie makes her 30th contribution, the bank changes the APR to 4.5% and Jamie makes 54 more $290 contributions. What is Jamie's balance right after her last contribution? Answer = $ (Round to the nearest cent/penny.) License Points possible: 10 This is attempt 1 of 2.

Answer 1

Answer is $ 42,265.32

Bemot Tale 1 ution 290 NI 062 290 290 Total value at the Quarter No. Contributions Quarter rate Interest amount end of quarter 290 1.1255 128.386512 5 11 10 15 290 1.125% 133 09147865 12.253.45 290 1.125 137 8512577 $ 17.681.30 290 1.125% 142 6645844 1111 290 1125 147.5120609 13551.49 152.45470665 13.091.95 1.125% 157.43190745 14 441.38 1,125% 162.46651645 1483.84 1.125% 167.5557515$ 1551.10 1.125 172.7037557 $ 15 14.10 1125 177.90669 16.12.01 1125% 133.1/26085 16./95.19 1.175 188.405032 $ 17,733.68 290 1.125% 193.87891015 17./1/ 56 290 199,3225470 S 1H,205.88 290 1.1354 204.8274265 S 19,701/1 2900 1.1238 210. 12:51 S 19,202.10 200 216 0.16702 S 19,708.15 1.125 221.7104365 $ 20,219.34 22/471464 20,737.32 233.250 $ 21,250.61 239.101 R2 S 21.700.79 245.13515 22 1413 351.1554542 S 22 .CH 257.2434531 5 23, 9 73 1.125 26952569115 275.92143 S 5 .092.28 22. 25 25 660.55 293 1135 223.2118115 25.141.29 Total value at the Quarter No. Contributions Quarter rate interest amount end of quarter 790 5. 5 295.22 5.313965 590.53 1 10.62961128 $ 99310 16.04034420 S 1.197.20 1.8% 21.54961 S 1.0.75 70 22.15757554 S 1,835.91 32.8664119 S 2,148.78 1. 1.6/ RO/2S 2.477.46 44.5041145$ 2,812.05 1. 50 616007S 3,152.67 1.8% St.4301150 $ 3,499.42 1.8% 3,852.40 10 69.34326365 4.211.15 1.8% 75,81146551 $ 4,577.56 12.39637189 S 4,949.96 1.4561 9.320119 5 5329.05 1,8% 95.92203681 $ 5,714.08 1.% 102.636005$ 6,107.85 1.8% 109.0012534 5 SO7.79 117.1401950 6.01493 124.461795$ 2,329.40 290 111.9291564 S 7,751 33 119.5236125 ADR5 147.25531115 8610.11 1. 155. 1250067 S 9.01.23 1631141735 9,516 37 1. 290 0,5766 11.204560 to 447.26 179.579645 200 1050/274S 10.995.33 200 2001 156.65405S 11.471.97 OGE BE233 $ 633 REASONS 2 2 3 2 Total value at the Quarterrate interest amount and of quarter 1.125 295.21700945 1.125% 301 62092575 27 20:35 10.47891115 2013 1125 315 211/9895 22.02043155 1.125 2 015 S 1.1/ 5.61502 $ 30,80 1.125% 30290191191 S 112 350.02999 $ 1.1355 157 155 32,401.00 115 1 64.5112092 S 1125 171674521 $ 1125379, 3 45 343671 1 125 R5046625 35053.56 1125 194455034 $ 15.748.02 1175 4 02.165/6565 31, 6-11.19 1.125 409.95212455 37,140 14 1 125 11/ $ 17.347 97 1.12 4 25 $ 1.125 4118422655 39287.60 11 4 41.9854905 40 114.58 1.125 450 2201111S 40759 1.125 435 41.50 12 26532 390 1.125 RT 1125 290 SEE SEE CASE 831913 290 200 200 EESARABERRI 290 Search the web and Windows

Multiplying the contribution with the quarter rate. The quarter rates have been revised from the 31st installment to the 84th installment hence the calculation is done as per the revised rate by adding 290 every quarter to the total.