Lionel has been contributing $13,000 into a retirement fund at the beginning of each quarter...
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Lionel has been contributing $13,000 into a retirement fund at the beginning of each quarter for the past 7 years. He decided to stop making payments and to allow his investment to grow for another 4 years. The fund grows at 4.50% compounded monthly. a. What was the accumulated value of the fund at the end of 7 years? Round to the nearest cent b. What was the accumulated value of the fund at the end of 11 years ? Round to the nearest cent c. What was the amount of interest earned over the 11-year period?
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