A man deposits $14,000 at the beginning of each year for 14years in an account paying 77% compounded annually. He then puts the total amount on deposit in another account paying 9% compounded semiannually for another 9 years. Find the final amount on deposit after the entire 23 year period.
A man deposits $14,000 at the beginning of each year for 14years in an account paying 77% compounded annually. He then puts the total amount on deposit in another account paying 9% compounded semiannually for another 9 years. Find the final amount on deposit after the entire 23 year period.
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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Question
A man deposits
compounded semiannually for another 9
years. Find the final amount on deposit after the entire
$14,000
at the beginning of each year for
14years in an account paying
77%
compounded annually. He then puts the total amount on deposit in another account paying 9%compounded semiannually for another 9
years. Find the final amount on deposit after the entire
23 year period.
(Simplify your answer. Round to the nearest cent as needed.)
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