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majarm majarm
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7 years ago
An investment of $4300.00 earns interest at 9.96% p.a. compounded monthly for four years. At that time the interest rate is changed to 9% compounded semi-annually. How much will the accumulated value be two and a half years after the change?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
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#1
7 years ago
Balance after 4 years:
PV = 4300.00; m = 12; i =   = .0083; n = 4 * 12 = 48
FV = 4300.00(1 + .0083)48 = 4300.00(1.4869927) = 6394.07
Balance 2.5 years later:
PV = 6394.07; m = 2; i =   = .045; n = 2.5 * 2 = 5
FV = 6394.07(1 + .045)5 = 6394.07(1.2461819) = 7968.17
The accumulated value 2.5 years after the change is $7968.17.
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