Question

Using the constant annual effective rate 2.3443% , determine the accumulated amount in your account from 1st january 2011 to 31 December 2020 (ten years in total) according to the following deposit patterns. i) Deposit $1,000 at the start of every month. ii) Deposit $1,000 at the start of the first month and keeps increasing by $100 in the subsequent months until the monthly deposit achieves $3,000, then remains at $3,000 in all the following months. iii) Deposit $3,000 at the start of the first month and keeps decreasing by $100 in the subsequent months until the monthly deposit achieves $1,000, then remains at $1,000 in all the following months. iv) Deposit $1,000 monthly (at the start of each month) in year 2011, $1100 monthly in year 2012, $1200 monthly in year 2013, ……, and $1,900 monthly in year 2020. v) Deposit $1,000 monthly (at the start of each month) in the first five years, and deposits $2,000 monthly in the second five years.

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Answer 1