Homework answers / question archive / To purchase a specialty guitar for his band, for the last two years JJ Morrison has made payments of $118 at the end of each month into a savings account earning interest at 5

To purchase a specialty guitar for his band, for the last two years JJ Morrison has made payments of $118 at the end of each month into a savings account earning interest at 5

Finance

Share With

To purchase a specialty guitar for his band, for the last two years JJ Morrison has made payments of $118 at the end of each month into a savings account earning interest at 5.12% compounded monthly. If he leaves the accumulated money in the savings account for another year at 5.92% 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.)