SOLUTION: You deposit $2000 in an account that pays 8​%
interest compounded semiannually. After
4 ​years, the interest rate is increased to 8.48​%
compounded quarter
Algebra.Com
Question 1072545: You deposit $2000 in an account that pays 8%
interest compounded semiannually. After
4 years, the interest rate is increased to 8.48%
compounded quarterly. What will be the value of the account after
8 years?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
For 4 years, it is 2000(1+.08/2)^8=$2737.14, rounding this at the end.
Starting with that, it is 2737.14(1+(.0848)/4)^16=$3828.86
RELATED QUESTIONS
You deposit 3000 in an account that pays 7% interest compunded semiannually
After 4... (answered by Theo)
You deposit $3000 in an account that pays 7% interest compounded semiannually. After ten... (answered by lwsshak3)
You deposit $2500 in an account that pays 3.5% annual interest compounded continuously.... (answered by rfer)
Milena deposited $6 comma 000 in a certificate of deposit (CD) account that (answered by ikleyn)
you deposit $725 in an account that pays 4.5% annual interest compounded continuously.... (answered by stanbon)
You deposit $1400 in an account that pays 3% annual interest compounded continuously.... (answered by solver91311)
You deposit 500 in an account that pays 5% annual interest compounded continuously. What... (answered by lwsshak3)
An investment company pays 6 %compounded semiannually. You want to have $ 23000
in the... (answered by addingup)
you deposit $2000 in an account that pays 4.5 % interest compounded annually. Write a... (answered by stanbon)