3-49 Jim Duggan made an investment of $10,000 in a savings account 10 years ago. This account...

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3-49 Jim Duggan made an investment of $10,000 in a savings account 10 years ago. This account paid inter- est of 51/2% for the first 4 years and 61/2% interest for the remaining 6 years. The interest charges were compounded quarterly.

(a) How much is this investment worth now?

(b) What is the investment's effective annual rate over 10 years?

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Engineering Economic Analysis

ISBN: 9780357419687

11th Edition

Authors: Donald Newnan, Ted Eschenbach, Jerome Lavelle

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Question Posted: Oct 26, 2024 07:01 AM

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3-49 Jim Duggan made an investment of $10,000 in a savings account 10 years ago. This account paid inter- est of 51/2% for the first 4 years and 61/2% interest for the remaining 6 years. The interest...
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3-49 Jim Duggan made an investment of $10,000 in a savings account 10 years ago. This account...

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Engineering Economic Analysis

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