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Question 6 of 8
This test:
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Pearson sets up a fund to pay [tex]$1000 at the end of each month for 9.5 years. Interest on the fund is 3.9% compounded monthly. (a) How much money must be deposited into the fund? (b) How much will be paid out of the fund? (c) How much interest is earned by the fund? (a) The amount of money that must be deposited into the fund is $[/tex]
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
(b) The amount of money that will be paid out of the fund is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
(c) The amount of interest earned by the fund is S
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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