Faisal deposits $1,139 in a fund paying 4% annual compound interest; after 5 years the fund increases its interest rate to 8%; after 2 years of paying 8% interest the fund begins paying 11%. How much will be in the fund 11 years after the initial deposit?
Faisal deposits $1,139 in a fund paying 4% annual compound interest; after 5 years the fund increases its interest rate to 8%; after 2 years of paying 8% interest the fund begins paying 11%. How much will be in the fund 11 years after the initial deposit?
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
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Transcribed Image Text:Faisal deposits $1,139 in a fund paying 4% annual compound interest; after 5 years the fund increases its interest rate to 8%; after 2 years of
paying 8% interest the fund begins paying 11%. How much will be in the fund 11 years after the initial deposit?
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