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(Solved): Please do this question in steps:(I have a general idea, are there two annuity-due calculations, one ...
Please do this question in steps:(I have a general idea, are there two annuity-due calculations, one is 1000 with T=(1)/(12), one is a year of Fund 1 interest earned with T=1?)
Susan starts a saving account today and deposit $1000 at the beginning of every month. The
saving account earns compounded interest continuously at an annual effective interest rate
6.37%. At the end of every year, Susan withdraws all interest earned from the saving account
(while keeping the deposits in the saving account) into another investment fund which earns
interest at an annual nominal interest rate 7.2% convertible monthly.
Calculate the total amount of interest earned from these two accounts during the first 6 years.