What is the future value of a $1000/month deposit at the end of 5 years that...

What is the future value of a $1000/month deposit at the end of 5 years that grows at a rate of $50/month, starting with your second deposit (which is $1,050). Assume that your initial deposit occurs at the end of your first month. Use 9% nominal annual interest compounded monthly.

What is the value of your LAST PAYMENT of a $1000/month deposit at the end of 5 years that grows at a rate of $50/month, starting with your second deposit (which is $1,050). Assume that your initial deposit occurs at the end of your first month. Use 9% nominal annual interest compounded monthly.

Please show work either on excel or written for comparing answers. I got 6,535.77 and 12,000 dollars for the second

Expert Solution

jeff jeffy answered 2 years ago

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