Math Problem Statement
Today is 1/7/2023, John plans to deposit $500 at the beginning of each month into an investment fund. The first deposit will be deposited today. John predicts that the return rate of this fund will be j2=3.47% from 1/7/2023 to 30/9/2023 and j2=3.04% from 1/10/2023 to 31/12/2023. What will be the balance amount of this account on 31/12/2023? Round your answer to three decimal places.
Question 11Answer
a. 3027.617
b. 3027.800
c. 3028.977
d. 3027.096
Solution
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Math Problem Analysis
Mathematical Concepts
Finance
Compound Interest
Time Value of Money
Formulas
Effective interest rate calculation
Theorems
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Suitable Grade Level
Advanced Finance
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