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?
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-> 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?
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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):
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
