An investor deposits 10,000 into a savings account that sets its interest rate for the year on the first day of the year. For the first five years the investor receives 6% per year. After that, for the next 4 years the investor received 10% per year and after that 8% per year for 6 years. Assuming there were no deposits or withdrawals from the account during this period, how much is in the account at the end of this time? O 31092 O 46951 22584 O 50358 O 21577
An investor deposits 10,000 into a savings account that sets its interest rate for the year on the first day of the year. For the first five years the investor receives 6% per year. After that, for the next 4 years the investor received 10% per year and after that 8% per year for 6 years. Assuming there were no deposits or withdrawals from the account during this period, how much is in the account at the end of this time? O 31092 O 46951 22584 O 50358 O 21577
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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Transcribed Image Text:An investor deposits 10,000 into a savings account that sets its interest rate for the year on the first day of
the year. For the first five years the investor receives 6% per year. After that, for the next 4 years the
investor received 10% per year and after that 8% per year for 6 years. Assuming there were no deposits or
withdrawals from the account during this period, how much is in the account at the end of this time?
O 31092
O 46951
O 22584
O 50358
O 21577
O 44290
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