## (Solved) Please use PMT formula for this problem. PMT = 400.00; I = 1.25%;

Please use PMT formula for this problem. PMT = 400.00; I = 1.25%; n = 12

FVn = 400.00[......

William has saved \$400 per quarter for the last three years in a savings account earning 5.0% compounded quarterly. He plans to leave the accumulated savings for eight years in the savings account at the same rate of interest.

a) How much will be in total in the savings account?

b) How much did he contribute?

c) How much interest in total did he earn?

Thank you very much.

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This question was answered on: Oct 15, 2019

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