SOLUTION: $353 per month invested at 5%, compounded mothly for 4 years, then $655 per month invested at 6%, compounded monthly for 4 years, what is the amount in the account after 8 years?

Question 608492: $353 per month invested at 5%, compounded mothly for 4 years, then $655 per month invested at 6%, compounded monthly for 4 years, what is the amount in the account after 8 years?
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi, re TY, see Note:

Note:  In General: 

A = Accumulated Amount

P= principal = $353 , $655

r= annual rate = .05, .06

m= periods per year = 12 , 12

t= years = 4 , 4



Calculator makes short work of the answer.

:The sum listed(for the 1st 4 yrs + 2nd 4 years) gives the Amount after 8 years  

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