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:

Accounts Receivable

Money owed to a company by its customers for products or services that have been delivered or used, but not yet paid for.

Sales to Customers

The transactions where goods or services are sold and delivered to the buyer, generating revenue for the company.

Accounts Payable

The amounts owed by a company to its suppliers or creditors for goods or services received but not yet paid for.