Sam got a job at the Brick. He plans to save $500 every month for 3 years to buy a car. The savings account earns 2.25% compounded semi-annually. If he puts the money in his savings account at the beginning of each month, what will be the balance in the account at the end of the three-year term? Question 15 options: A) $18 603.37 B) $18 635.22 C) $18 600.50 D) $18 638.25 E) $17 390.19

Sam got a job at the Brick. He plans to save $500 every month for 3 years to buy a car. The savings account earns 2.25% compounded semi-annually. If he puts the money in his savings account at the beginning of each month, what will be the balance in the account at the end of the three-year term? Question 15 options: A) $18 603.37 B) $18 635.22 C) $18 600.50 D) $18 638.25 E) $17 390.19

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 14PROB

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