Answer:
$63,637.94
Step-by-step explanation:
$24,500 is deposited in the bank
5.5% annual rate will be earned in 8 years
= 5.5/100
= 0.055
4.9% annual rate will be earned in 11 years
= 4.9/100
= 0.049
The first step is to calculate the future value of the amount after 8 years
= amount deposited×(1+r)^n
r is the annual rate, n is the number of years
= $24,500×(1+0.055)^8
= $24,500×1.055^8
= $24,500×1.534686515
= $37,599.8196
Therefore, the amount that would be present in the account in 19 years can be calculated as follows
= amount at the end of year 8×(1+r)^n
where r = 0.049, n= 11
= $37,599.8196×(1+0.049)^11
= $37,599.8196×1.049^11
= $37,599.8196×1.692506597
= $63,637.94
Hence the amount present in the account in 19 years is $63,637.94