question archive Sophie invested $875 at the end of every month into an investment fund that was earning interest at 3
Sophie invested $875 at the end of every month into an investment fund that was earning interest at 3
Subject:MathPrice: Bought3
Sophie invested $875 at the end of every month into an investment fund that was earning interest at 3.50% compounded monthly. She stopped making regular deposits at the end of 8 years when the interest rate changed to 3.75% compounded quarterly. However, she let the money grow in this investment fund for the next 2 years. A. Calculate the accumulated balance in her investment fund at the end of 8 years. B. Calculate the accumulated balance in the investment fund at the end of 10 years. C. Calculate the amount of interest earned over the 10 year period. Round to the nearest cent.
