A man deposits $10,000 at the beginning of each year for 15 years in an account paying 6% compounded annually. He then puts the total amount on deposit in another account paying 7% compounded semiannually for another 11 years. Find the final amount on deposit after the entire 26-year period. He will have a final amount of $ after the entire 26-year period. (Simplify your answer. Round to the nearest cent as needed.)
A man deposits $10,000 at the beginning of each year for 15 years in an account paying 6% compounded annually. He then puts the total amount on deposit in another account paying 7% compounded semiannually for another 11 years. Find the final amount on deposit after the entire 26-year period. He will have a final amount of $ after the entire 26-year period. (Simplify your answer. Round to the nearest cent as needed.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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![A man deposits $10,000 at the beginning of each year for 15 years in an account paying 6% compounded annually.
He then puts the total amount on deposit in another account paying 7% compounded semiannually for another 11
years. Find the final amount on deposit after the entire 26-year period.
He will have a final amount of $ after the entire 26-year period.
(Simplify your answer. Round to the nearest cent as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ee690c1-7550-48bb-b0b1-146590e5cb48%2Ffd952881-af36-4f0f-bf39-ba240ab3c4cc%2F44n8flk_processed.png&w=3840&q=75)
Transcribed Image Text:A man deposits $10,000 at the beginning of each year for 15 years in an account paying 6% compounded annually.
He then puts the total amount on deposit in another account paying 7% compounded semiannually for another 11
years. Find the final amount on deposit after the entire 26-year period.
He will have a final amount of $ after the entire 26-year period.
(Simplify your answer. Round to the nearest cent as needed.)
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