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:

Radial Vein

A vein that accompanies the radial artery and drains blood from the lateral portion of the forearm.

Forelimb

The front limbs of an animal that in humans refer to the arms, including structures from the shoulder to the fingers.

Saphenous Vein

A large vein running along the length of the leg, commonly used for grafts in coronary artery bypass surgery.

Brachiocephalic Vein

A large vein in the upper chest that transports deoxygenated blood from the upper limbs, neck, and head to the heart.