A company deposited $11,500 into an investment fund at the beginning of every quarter for 5 years. It then stopped making deposits into the fund and allowed the investment to grow for 5 more years. The fund was growing at 5.25% compounded monthly.
a. What was the accumulated value of the fund at the end of 5 years ?
Round to the nearest cent
b. What was the accumulated value of the fund at the end of 10 years ?
Round to the nearest cent
c. What was the amount of interest earned over the 10-year period?
Round to the nearest cent