To purchase a specialty guitar for his band, for the last three years JJ Morrison has made payments of $92 at the end of each month into a savings account earning interest at 4.87% compounded monthly. If he leaves the accumulated money in the savings account for another year at 5.29% compounded quarterly, how much will he have saved to buy the guitar? The balance in the account will be S (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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To purchase a specialty quitar for his band, for the last three years JJ Morrison has made payments of $92 at the end of each month into a savings account earning interest at 4.87% compounded monthly. If he leaves the accumulated money in the savings account for another year at 5.29% compounded guarterly, how much
will he have saved to buy the guitar?
The balance in the account will be $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:To purchase a specialty quitar for his band, for the last three years JJ Morrison has made payments of $92 at the end of each month into a savings account earning interest at 4.87% compounded monthly. If he leaves the accumulated money in the savings account for another year at 5.29% compounded guarterly, how much will he have saved to buy the guitar? The balance in the account will be $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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