Stock is deposited at the end of each quarter

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Reference no: EM131566956

Larry sets up a fund in which the $100 dividend from his Johnson and Johnson stock is deposited at the end of each quarter. The account has an annual interest rate of 5% and interest is compounded quarterly.

(a) How much money will Larry have in his fund at the end of 20 years?

(b) How much interest does Larry earn?

Reference no: EM131566956

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