Billy Deposits $800 at the End of Every 3-Months in a Fund

question 37

Multiple Choice

Billy deposits $800 at the end of every 3-months in a fund earning interest at j4 = 12%.At the end of 3 years,the interest rate changes to j4 = 8%.What is the accumulated value immediately after his 20th deposit?

• A)$18,220.00
• B)$20,168.95
• C)$21,248.81
• D)$21,496.30

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