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3 a) An investment of $11,550 is deposited for 3 years at 2.2% compounded monthly. At this point, the interest rate is changed to 1.95%
3 a)
An investment of $11,550 is deposited for 3 years at 2.2% compounded monthly. At this point, the interest rate is changed to 1.95% compounded semi-annually. The investment earns interest for 5 more years.
What is the value of FV1?
b)
Money is invested at 8.27% p.a. compounded semi-annually for 39 months.
What is the numerical value of n? State your answer with 6 decimals.
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