Question
A payment of $8,000 was made into an account at the end of every 3 months for 12 years. a. If the interest rate for
A payment of $8,000 was made into an account at the end of every 3 months for 12 years.
a.If the interest rate for the first 6 years was 4.00% compounded monthly, calculate the future value at the end of the first 6 years.
b.If the interest rate for the next 6 years was 7.00% compounded annually, calculate the future value at the end of the 12 year term.
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Practical Financial Management
Authors: William R. Lasher
6th Edition
1439080496, 978-1439080498
