What was the total amount deposited

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Reference no: EM132006169

Jerry calculates that if he makes a deposit of $7 each month at an APR of 4.8%, then at the end of two years he'll have $100. Benny says that the correct amount is $187. The Regular Deposits Rule of Thumb should be helpful here.

A) What was the total amount deposited (ignoring interest earned)?

Jerry calculates that if he makes a deposit of $5 each month at an APR of 4.8%, then at the end of two years he'll have $100. Benny says that the correct amount is $133. The Regular Deposits Rule of Thumb should be helpful here.

B) Find the correct balance after two years. (Round your answer to the nearest cent.)

Reference no: EM132006169

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