Accumulated in the account on the date of the last deposit

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Reference no: EM131934875

1. Kelly Malone plans to have $40 withheld from her monthly paycheck and deposited in a savings account that earns 12% annually, compounded monthly. If Malone continues with her plan for two and one-half years, how much will be accumulated in the account on the date of the last deposit?

2. Otto Co. borrows money on April 30, 2016, by promising to make four payments of $29,000 each on November 1, 2016; May 1, 2017; November 1, 2017; and May 1, 2018.

a. How much money is Otto able to borrow if the interest rate is 6%, compounded semiannually?

b. How much money is Otto able to borrow if the interest rate is 10%, compounded semiannually?

c. How much money is Otto able to borrow if the interest rate is 12%, compounded semiannually?

Reference no: EM131934875

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