$600.00 was invested in a bank for 5 years. When the deposit was made, the bank was paying the 14% capitalizable each quarter. Three and a half years later, the rate changed to 12.2% capitalizable each month. Calculate the amount at the end of the five years.

$600.00 was invested in a bank for 5 years. When the deposit was made, the bank was paying the 14% capitalizable each quarter. Three and a half years later, the rate changed to 12.2% capitalizable each month. Calculate the amount at the end of the five years.

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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