A company deposited 11500 into an investment Fund at the beginning of every quarter for 6 years. It then stopped making deposits into the fund and allowed the investment to grow for 3 more years The fund was growing at 4.25% compounded monthly.
a. What was the accumulated value of the fund at the end of 6 years ?
b. What was the accumulated value of the fund at the end of 9 years ?
c. What was the amount of interest earned over the 9 year period ?
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Grandpa Jack wants to help his grandson, Little Jack, with college expenses. Little Jack is currently 3 years old. If Grandpa Jack invests $5,000 in a college savings account earning 5% compounded yearly, how much money will he have in 15 years when Little Jack is 18?
Possible Answers:
Between $9,000-$9,500
Between $9,500-$10,000
Between $10,500-$11,000
Between $10,000-$10,500
Between $11,000-$11,500
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