11. Martha Reed has been depositing $2,000 at the end of each year in her savings...
11. Martha Reed has been depositing $2,000 at the end of each year in her savings account. If her account earns an APR of 12% compounded monthly, how much will she have after 10 years?
Homework Answers
![Effective annual rate = 12.68% [ 1+(12%/12)^12-1] Future value = pmt x ((1+r)^n-1))/ Value after 10 years = fv = $36,276.54 [](http://img.homeworklib.com/questions/e133a350-7897-11ea-8d8d-198228a13d42.png?x-oss-process=image/resize,w_560)
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11. Martha Reed has been depositing $2,000 at the end of
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