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) About Me  (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


    x%2A%281%2B0.05%29%5E3%2A%281%2B0.08%2F4%29%5E%286%2A4%29 = 102408.19


or


    x*1.861967 = 102408.19


    x = 102408.19%2F1.861967 = 55000.00.      ANSWER


Answer by greenestamps(13203) About Me  (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:

%28x%29%28%281%2B.05%29%5E3%29%28%281%2B.08%2F4%29%5E%284%2A6%29%29+=+102408.19

Use a calculator....

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