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434 is incorrect The following table gives the pattern of investment year rates and portfolio rates over a period of time from 2005 up through
434 is incorrect
The following table gives the pattern of investment year rates and portfolio rates over a period of time from 2005 up through 2010. After three years of using investment year rates for a particular year the portfolio interest rate method is applicable on an investment. Investment Investment Year Rates Year Year 1 Year 2 Year 3 2005 9.00% 9.50% 9.75% 2006 9.70% 9.80% 9.30% 2007 8.40% 8.35% 7.52% 2008 7.25% 6.43% 5.15% 2009 4.25% 4.00% 2010 3.25% Portfolio Rates 10.20% 9.85% 8.25% Frank invests 1000 at the beginning of each calendar years 2005, 2006, 2007, and 2008. What is the total amount of interest credited to Frank's account in calendar year 2009? Give your answer as a whole number (i.e. X). The following table gives the pattern of investment year rates and portfolio rates over a period of time from 2005 up through 2010. After three years of using investment year rates for a particular year the portfolio interest rate method is applicable on an investment. Investment Investment Year Rates Year Year 1 Year 2 Year 3 2005 9.00% 9.50% 9.75% 2006 9.70% 9.80% 9.30% 2007 8.40% 8.35% 7.52% 2008 7.25% 6.43% 5.15% 2009 4.25% 4.00% 2010 3.25% Portfolio Rates 10.20% 9.85% 8.25% Frank invests 1000 at the beginning of each calendar years 2005, 2006, 2007, and 2008. What is the total amount of interest credited to Frank's account in calendar year 2009? Give your answer as a whole number (i.e. X)Step by Step Solution
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