A woman deposited $ 10,000 into her bank account. The money remained in the account for 10 years. For the first 5 years the monthly compound traded an annual nominal interest of 9%. This after the period, the bank changed its interest policy and traded a compound annual nominal interest of 12% for the quarter. Money accumulated in the account at the end of 10 years calculate.

A woman deposited $ 10,000 into her bank account. The money remained in the account for 10 years. For the first 5 years the monthly compound traded an annual nominal interest of 9%. This after the period, the bank changed its interest policy and traded a compound annual nominal interest of 12% for the quarter. Money accumulated in the account at the end of 10 years calculate.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 24P

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