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
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-> 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
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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
