document.write( "Question 1192869: Brooke invested $16,700 in a mutual fund at 2.8% compounded monthly. After 2 years, the interest rate was changed to 8.6% compounded quarterly.\r
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Algebra.Com's Answer #824897 by ikleyn(52903)\"\" \"About 
You can put this solution on YOUR website!
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\n" ); document.write( "Brooke invested $16,700 in a mutual fund at 2.8% compounded monthly.
\n" ); document.write( "After 2 years, the interest rate was changed to 8.6% compounded quarterly.
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\n" ); document.write( "\n" ); document.write( "b) How much was the total compound interest earned during the whole term?
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document.write( "First two years (first term), the fund works according to this formula\r\n" );
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document.write( "    FV = \"16700%2A%281%2B0.028%2F12%29%5E%282%2A12%29\".\r\n" );
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document.write( "Next five years (the second term), the fund works according to this formula\r\n" );
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document.write( "    FV= \"A%2A%281%2B0.086%2F4%29%5E%285%2A4%29\",\r\n" );
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document.write( "where A is the amount deposited at the second term.\r\n" );
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document.write( "Since the output from the first term is the input for the second term, you can combine the formulas\r\n" );
document.write( "to calculate the answer after two terms in one formula\r\n" );
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document.write( "    FV = \"16700%2A%28%281%2B0.028%2F12%29%5E%282%2A12%29%29%2A%28%281%2B0.086%2F4%29%5E%285%2A4%29%29\".\r\n" );
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document.write( "After that, you can copy-paste this formula into a calculator which accepts formulas\r\n" );
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document.write( "(for example, Excel spreadsheet or online free of charge calculator www.desmos.com/calculator) and get the answer in one click.\r\n" );
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document.write( "ANSWER to question (a).  27025.64 dollars.\r\n" );
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document.write( "ANSWER to question (b)  is the difference $27025.64 - $16700 = $10325.64.\r\n" );
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\n" ); document.write( "\n" ); document.write( "To see many other similar  (and different)  solved problems on compounded interest accounts,  look into the lesson\r
\n" ); document.write( "\n" ); document.write( "    - Compounded interest percentage problems \r
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\n" ); document.write( "\n" ); document.write( "Be aware: calculations and the answer in the post by @Theo are incorrect.\r
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