SOLUTION: Mr.Popo deposited on a savings bank earning 5% per year compounded annually. After 3years, he decided to transfer the accumulated amount to an investment bank which earns 8% per ye

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Question 1143509: Mr.Popo deposited on a savings bank earning 5% per year compounded annually. After 3years, he decided to transfer the accumulated amount to an investment bank which earns 8% per year compounded quarterly. If the accumulated amount after six years in the investment bank is 102,408.19, how much did he deposit on the savings bank?
Found 2 solutions by ikleyn, greenestamps:
Answer by ikleyn(52834)   (Show Source): You can put this solution on YOUR website!
.
Let x = the value under the question.


Then you have this equation to determine x


     = 102408.19


or


    x*1.861967 = 102408.19


    x =  = 55000.00.      ANSWER


Answer by greenestamps(13203)   (Show Source): You can put this solution on YOUR website!


5% interest compounded annually for 3 years; followed by 8%/4 = 2% interest compounded quarterly for 24 quarters:



Use a calculator....

The easiest way is with a graphing calculator; graph the two expressions and find their point of intersection.
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