What is the accumulated value after 15 years of monthly deposits of $ 1500.00 earning interest...
What is the accumulated value after 15 years of monthly deposits of $ 1500.00 earning interest at 8% compounded monthly if the deposits are made at the beginning of each month?
Select one:
a. $513 102.31
b. $522 536.41
c. $518 507.23
d. $516 467.23
e. $519 075.73
Homework Answers
b. $522 536.41
Using a financial calculator
Set the mode to BGN mode => 2nd BGN => 2nd SET => 2nd QUIT
PV = 0
PMT = 1500
N = 180 (15 years*12 contributions per year = 180 periods)
I/Y = 8/12 (8%/12 rate per monthly period)
cpt FV, we get FV = 522536.41
Hence, after 15 years $522536.41is accumulated
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