Joe Plans to Deposite $100 at the End of Each

question 167

Multiple Choice

Joe plans to deposite $100 at the end of each month into a bank acount for a period of 2 years, after which he plans to deposite $600 at the end of each month into the same account for another 3 years. If the bank pays interest at the rate of 8%/year compounded monthly, how much will Joe have in his account by the end of 5 years? (Assume no withdrawals are made during the 5-years period.) Round your intermediate calculations to two decimal places. ​

• A) $29,243.83
• B) $29,658.46
• C) $30,558.46
• D) $26,581.10
• E) $27,615.46

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Definitions:

Social Class

A division of a society based on social and economic status.

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A conceptual framework that examines a subject from three distinct but interrelated perspectives or dimensions for a comprehensive analysis.

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