A law firm invested its net profit into an investment fund that provided an initial interest rate
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A law firm invested its net profit into an investment fund that provided an initial interest rate of 4.55% compounded monthly. After six months, there was a boom in the market and the interest rate rose to 8.75% compounded monthly. If the accumulated value one year after the boom was $480,000, calculate the amount that was originally invested.
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Related Book For 
Mathematics Of Business And Finance
ISBN: 9781927737545
4th Edition
Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans
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