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A person invests $4000 at 5% interest compounded annually for 5 years and then invests the balance (the $4000 plus the interest earned) in an account at 8% interest for 9 years. Find the combined value of the investment to the nearest cent after 14 years.

A person invests $4000 at 5% interest compounded annually for 5 years and then invests the balance (the $4000 plus the interest earned) in an account at 8% interest for 9 years. Find the combined value of the investment to the nearest cent after 14 years.

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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A person invests $4000 at 5% interest compounded annually for 5 years and then invests the balance (the $4000 plus the interest earned) in an account at 8% interest for 9 years. Find the combined value of the investment to the nearest cent after 14 years. (Hint: You need to break this up into two steps/calculations. Be sure to round your balance at the end of the first 5 years to the nearest cent so you can use it in the second set of calculations.)
Transcribed Image Text:A person invests $4000 at 5% interest compounded annually for 5 years and then invests the balance (the $4000 plus the interest earned) in an account at 8% interest for 9 years. Find the combined value of the investment to the nearest cent after 14 years. (Hint: You need to break this up into two steps/calculations. Be sure to round your balance at the end of the first 5 years to the nearest cent so you can use it in the second set of calculations.)
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