Question suppose a salesman invests his 12500 bonus in a, Ask an Expert

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Question: Suppose a salesman invests his $12,500 bonus in a fund that earns 10.8%, compounded monthly. Suppose also that he makes contributions of $150 at the end of each month to this fund.

(a) Find the future value after 12½ years.

(b) If after the 12½ years, the fund is used to set up an annuity, how much will it pay at the end of each month for the next 10 years?

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