233,957 views
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
by
2.7k points

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
by
2.3k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.