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Daniel contributed equal deposits at the end of every month for 3 years into an...

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Finance

Daniel contributed equal deposits at the end of every month for 3 years into an investment fund. He then decided to stop making payments and left the money in the fund to grow for another 4 years. The fund was earning 4.97% compounded monthly for the entire period and the accumulated amount at the end of the term was $120,000. a. Calculate the amount in the fund at the end of 3 years. Round to the nearest cent b. Calculate the size of the periodic deposits into the fund.

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