Alp Bilgin deposits $33.000 in a saving account that pays 9% interest compounded monthly. Four years later, he deposits $20.000. Three years after the $20.000 deposit, he makes another deposit in the amount of $ 16.500. Six years after the $16.500, half of the accumulated funds are transferred to a fund that pays 12% interest compounded quarterly. How much money will be in account eight years after the transfer?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Alp Bilgin deposits $33.000 in a saving account that
pays 9% interest compounded monthly. Four years later,
he deposits $20.000. Three years after the $20.000
deposit, he makes another deposit in the amount of $
16.500. Six years after the $16.500, half of the
accumulated funds are transferred to a fund that pays
12% interest compounded quarterly. How much money
will be in account eight years after the transfer?
Transcribed Image Text:Alp Bilgin deposits $33.000 in a saving account that pays 9% interest compounded monthly. Four years later, he deposits $20.000. Three years after the $20.000 deposit, he makes another deposit in the amount of $ 16.500. Six years after the $16.500, half of the accumulated funds are transferred to a fund that pays 12% interest compounded quarterly. How much money will be in account eight years after the transfer?
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