Question
Bill deposits $100 at the end of each year for 13 years into fund A. Seth deposits $100 at the end of each year for
Bill deposits $100 at the end of each year for 13 years into fund A. Seth deposits $100 at the end of each year for 13 years into fund B. Fund A earns an annual effective rate of 15% for the first 5 years and 6% thereafter. Fund B earns an annual effective rate of i throughout the 13 years. The two funds have equal accumulated values at the end of 13 years. Find i. The answer is 7.38007%, please show me how to do this.
Also, please dont give me the chegg answer by MiniatureEel4222, it doesnt yield the right answer when I solve for i.
Thank you
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