Payments of $845

question 47

Essay

Payments of $845.00 are made into a fund at the beginning of every month for 5.25 years. If the fund earns interest at 8.4% compounded monthly, what will the balance in the fund be after 5.25 years?

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Definitions:

Psychoactive Drug

A material that modifies brain activity and leads to changes in how one perceives things, feels, is conscious, thinks, or acts.

Euphoria

A feeling or state of intense excitement and happiness.

Agitated Depression

A subtype of depression where the individual experiences restlessness and agitation in addition to the typical symptoms of depression.

Dreamlike State

A mental state in which a person feels detached from reality, often with vivid imaginations akin to dreams but while awake.