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Hillier Hillier
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7 years ago
Two years after Sean deposited $5000 in a savings account that earned interest at 6% compounded monthly, the rate of interest was changed to 6.4% compounded semi-annually. How much was in the account fifteen years after the deposit was made?
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Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
7 years ago
Balance after 2 years
FV = 5000.00(1.005)24 = 5000.00(1.127159776) = 5635.80
Balance after a total of 15 years
FV = 5635.80(1.032)26 = 5635.80(2.268151865) = $12 782.85
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