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Hillier Hillier
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4 years ago
An investment of $21 700 is accumulated at 5.24% compounded quarterly for three and one-half years. At that time the interest rate is changed to 6.12% compounded monthly. How much is the investment worth two years after the change in interest rate?
Textbook 

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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josanjosan
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4 years ago
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More questions for this book are available here
Balance after 3.5 years
  = 21700.00(1.0131)14 = 21700.00(1.1998651) = $26 037.07
Balance 2 years later
  = 26037.07(1.0051)24 = 26037.07(1.1298546) = $29 418.10

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