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10 votes
10 votes
You deposit $3000 in an account that earns 7% interest compounded semiannually . After 10 years, the interest rate changes to 7.25% compounded quarterly. What will be the value of the account after 16 total years?

User Pepster
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1 Answer

15 votes
15 votes

Answer:

see the images below

You deposit $3000 in an account that earns 7% interest compounded semiannually . After-example-1
You deposit $3000 in an account that earns 7% interest compounded semiannually . After-example-2
User Timothy Lawman
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2.3k points
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