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5. Gary invested $15 000 in a plan that paid 2.5 % per year, compounded quarterly, for 2 years. At the end of the 2 years, he re-invested the total amount earned in the previous plan into a new investment that paid 4.5 % per year, compounded semi-annually, for another 3 years. a) How much did he have at the end of the first investment? b) How much did he have at the end of the second investment? c) How much interest did he earn in total?

5. Gary invested $15 000 in a plan that paid 2.5 % per year, compounded quarterly, for 2 years. At the end of the 2 years, he re-invested the total amount earned in the previous plan into a new investment that paid 4.5 % per year, compounded semi-annually, for another 3 years. a) How much did he have at the end of the first investment? b) How much did he have at the end of the second investment? c) How much interest did he earn in total?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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5. Gary invested $15 000 in a plan that paid 2.5 % per year, compounded quarterly, for 2 years. At the end of the 2 years, he re-invested the total amount earned in the previous plan into a new investment that paid 4.5 % per year, compounded semi-annually, for another 3 years. a) How much did he have at the end of the first investment? b) How much did he have at the end of the second investment? c) How much interest did he earn in total?
Transcribed Image Text:5. Gary invested $15 000 in a plan that paid 2.5 % per year, compounded quarterly, for 2 years. At the end of the 2 years, he re-invested the total amount earned in the previous plan into a new investment that paid 4.5 % per year, compounded semi-annually, for another 3 years. a) How much did he have at the end of the first investment? b) How much did he have at the end of the second investment? c) How much interest did he earn in total?
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