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Calculate the size of the month-end deposits

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Question - Raymond made periodic deposits into a savings account at the end of every month for 2 years. The investments were earning 6.60% compounded quarterly and grew to $10,000.00 at the end of 2 years.

Required -

a. Calculate the size of the month-end deposits.

b. How long will it take for the $10,000.00 to accumulate to $38,580.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?

Reference no: EM133074655

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