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What is the accumulated value of all the payments

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Reference no: EM132733158

Problem - Jones makes deposits of $1 in an account on the 1st day of every month, with first payment on January 1, 2019 and with last payment on December 1, 2020. The account credited interest at a nominal annual rate of interest compounded monthly of 3% during 2019 and of 6% during 2020.

Required -

1. What is the accumulated value of the 12 payments made in 2019 on December 31, 2019?

2. What is the accumulated value of the 12 payments made in 2020 on December 31, 2020?

3. What is the accumulated value of all the 24 payments made in 2019 and 2020 on December 31, 2020?

Reference no: EM132733158

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