Richard contributed equal deposits at the end of every month for 4 years into an...
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Richard contributed equal deposits at the end of every month for 4 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 4.32% compounded monthly for the entire period and the accumulated amount at the end of the term was $100,000.
a. Calculate the amount in the fund at the end of 4 years.
Round to the nearest cent
b. Calculate the size of the periodic deposits into the fund.
Round to the nearest cent
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