SOLUTION: Suppose $500 is invested monthly at 4% compounded monthly, for 10 years, then $600 is invested monthly at 6% compounded monthly, for 10 years. 2 separate question.... What is

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Suppose $500 is invested monthly at 4% compounded monthly, for 10 years, then $600 is invested monthly at 6% compounded monthly, for 10 years. 2 separate question.... What is       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 425450: Suppose $500 is invested monthly at 4% compounded monthly, for
10 years, then $600 is invested monthly at 6% compounded monthly, for
10 years.
2 separate question.... What is the value after 10 years
Answer by Gogonati(855) About Me  (Show Source):
You can put this solution on YOUR website!
Solution: Since this is an interest rate problem ,we know that the value of the investment after 10 years will be:
A%2810%29=500%2A%281%2B%280.04%29%2F12%29%5E%2812%2A10%29=$ 745.42
In the same way solved and the second problem.