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Abe Deposited a Sum of Money at the End of Every

Question 165

Multiple Choice

Abe deposited a sum of money at the end of every month for 15 years at 8.5% compounded monthly. After the last deposit, interest for the account is to be 3.5% compounded quarterly and the account is to be paid out by end-of-quarter quarterly payments of $5905.00 over 17 years. What is the size of the monthly deposit?


A) $560 735
B) $1550
C) $756
D) $1160
E) $1466

Correct Answer:

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