Joe plans to deposite $100 at the end of each month into a bank acount for a period of 2 years, after which he plans to deposite $600 at the end of each month into the same account for another 3 years. If the bank pays interest at the rate of 8%/year compounded monthly, how much will Joe have in his account by the end of 5 years? (Assume no withdrawals are made during the 5-years period.) Round your intermediate calculations to two decimal places.
A) $29,243.83
B) $29,658.46
C) $30,558.46
D) $26,581.10
E) $27,615.46

Question

Joe plans to deposite $100 at the end of each month into a bank acount for a period of 2 years, after which he plans to deposite $600 at the end of each month into the same account for another 3 years. If the bank pays interest at the rate of 8%/year compounded monthly, how much will Joe have in his account by the end of 5 years? (Assume no withdrawals are made during the 5-years period.) Round your intermediate calculations to two decimal places. ​
A) $29,243.83
B) $29,658.46
C) $30,558.46
D) $26,581.10
E) $27,615.46

Quizplus · Accepted Answer

The Answer of Joe plans to deposite $100 at the end of each month into a bank acount for a period of 2 years, after which he plans to deposite $600 at the end of each month into the same account for another 3 years. If the bank pays interest at the rate of 8%/year compounded monthly, how much will Joe have in his account by the end of 5 years? (Assume no withdrawals are made during the 5-years period.) Round your intermediate calculations to two decimal places. ​
A) $29,243.83
B) $29,658.46
C) $30,558.46
D) $26,581.10
E) $27,615.46

Joe Plans to Deposite $100 at the End of Each