An employee takes out $291 from their paycheck each month for 11 years and deposits it into an account earning 5.4% compounded monthly. After the end of the 11 years, the deposits stop and the entire balance is shifted into a separate account earning 2.5% compounded monthly. The money is left in the second account for 6 years. How much is the final balance? Round your answer to two decimal places.
An employee takes out $291 from their paycheck each month for 11 years and deposits it into an account earning 5.4% compounded monthly. After the end of the 11 years, the deposits stop and the entire balance is shifted into a separate account earning 2.5% compounded monthly. The money is left in the second account for 6 years. How much is the final balance? Round your answer to two decimal places.
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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An employee takes out $291 from their paycheck each month for 11 years and deposits it into an account earning 5.4% compounded monthly. After the end of the 11 years, the deposits stop and the entire balance is shifted into a separate account earning 2.5% compounded monthly. The money is left in the second account for 6 years. How much is the final balance? Round your answer to two decimal places.
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