If you deposit $1,000 per month into an investment account that pays interest at

Question

If you deposit $1,000 per month into an investment account that pays interest at a rate of 16% per year, compounded quarterly, how much will be in the account at the end of 5 years? There is no interperiod compounding.
$354,284
$28,929
$89,334
$415,330









$354,284 $28,929 $89,334 $415,330

If you deposit $1,000 per month into an investment account that pays interest at a rate of 16% per year, compounded quarterly, how much will be in the account at the end of 5 years? There is no interperiod compounding.
$354,284
$28,929
$89,334
$415,330

Explanation / Answer

$28,929

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