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.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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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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