Question
A payment of $4,000 was made into an account at the end of every 3 months for 12 years. a. If the interest rate for
A payment of $4,000 was made into an account at the end of every 3 months for 12 years.
a. If the interest rate for the first 4 years was 7.00% compounded monthly, calculate the future value at the end of the first 4 years.
Round to the nearest cent
b. If the interest rate for the next 8 years was 5.00% compounded annually, calculate the future value at the end of the 12 year term.
Round to the nearest cent
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Foundations Of Finance The Logic And Practice Of Finance Management
Authors: Arthur J. Keown, John H. Martin, David F. Scott, John Petty, J. William Petty
5th Edition
0132019299, 9780132019293
