You invested $5,000 in an account 16 years ago. This account paid 8% compounded monthly for the first 5 years, and then the rate jumped to 10% quarterly for the next 6 years, and finally, in the last 5 years, the rate was 5% semi-annually. How much do you have today?
You invested $5,000 in an account 16 years ago. This account paid 8% compounded monthly for the first 5 years, and then the rate jumped to 10% quarterly for the next 6 years, and finally, in the last 5 years, the rate was 5% semi-annually. How much do you have today?
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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You invested $5,000 in an account 16 years ago. This account paid 8% compounded monthly for the first 5 years, and then the rate jumped to 10% quarterly for the next 6 years, and finally, in the last 5 years, the rate was 5% semi-annually. How much do you have today?
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Amount invested is $5,000
Term is 16 years
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