On April 1, 1998, John opened a savings account with a nominal interest rate of 3.4% payable monthly by making a $100 de

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On April 1, 1998, John opened a savings account with a nominal
interest rate of 3.4% payable monthly by making a $100 deposit. At
the same time he set up an investment fund with a nominal interest
rate of 4.6% payable quarterly. John deposited $400 into the
investment fund at the end of each quarter with his first payment
being on July 1, 1998. The quarterly interest payments from the
fund were directly deposited into the 3.4% savings account. Find
the balance (FV) in the 3.4% savings account on July 1, 2003, just
after the twentieth interest deposit is received from the 4.6% fund
and monthly interest 0f 3.4% has been credited.