Assume that you invest $1250 at the end of each of the next 15 years in a mutual fund. You currently have $10,000 in the mutual fund. The annual rate of interest that you expect to earn in this account is 4.35%. The amount in the account at the end of 15 years is

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Paisley Michael

10 December, 14:24

Assume that you invest $1250 at the end of each of the next 15 years in a mutual fund. You currently have $10,000 in the mutual fund. The annual rate of interest that you expect to earn in this account is 4.35%. The amount in the account at the end of 15 years is

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Maeve Kidd · Answer 1

The balance in the account at the end of 15 years is $ 24,236.69

Explanation:

yr CF DF @ 4.35 Amount

1 10,000.00 1.8940 18,940.30

1-15 1,250.00 10.8512 13,563.94

Total 32,504.24