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(1 point) Hannibal opens a savings account on January 1, 1984 with a deposit of 330...

(1 point) Hannibal opens a savings account on January 1, 1984 with a deposit of 330 dollars, and continues to make deposits of the same amount at the beginning of each month until January 1, 1990, when he makes the final deposit. If the account pays a nominal rate of interest of 5.9 percent convertible monthly, how much is in the account on January 1, 1998?

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future value =Using future value function in MS excel fv(rate,nper,pmt,pv,type) rate = .4916% nper = 12*6 =72 pmt = -330 pv =0 type =1 FV(0.4916%,72,-330,0,1) $28,565.11
value of investment Jan 1 1998 =Using future value function in MS excel fv(rate,nper,pmt,pv,type) rate = .4916% nper = 12*8 =96 pmt = 0 pv = -28565.11 type =1 FV(0.4916%,96,0,-28565.11,1) $45,739.66
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