× Didn't find what you were looking for? Ask a question
Top Posters
Since Sunday
e
5
e
4
4
d
4
o
3
p
3
t
3
3
m
3
p
3
m
3
f
3
New Topic  
Hillier Hillier
wrote...
Posts: 550
Rep: 5 0
6 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?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
Read 228 times
1 Reply

Related Topics

Replies
wrote...
6 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
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  877 People Browsing
 106 Signed Up Today
Related Images
  
 350
  
 382
  
 74