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do not use excel pls use formula step by step by hand writing more helpful 8. John deposits 100 at the end of each year
do not use excel
pls use formula step by step by hand writing more helpful
8. John deposits 100 at the end of each year for twenty years into a fund earning an annual effective interest rate of 7%. Mary makes twenty deposits into a fund at the end of each year for twenty years. The first ten deposits are 100 each, while the last ten deposits are 100 + X each. The fund earns an annual effective interest rate of 8% during the first ten years and 6% annual effective interest thereafter. At the end of twenty years, the amount in John's fund equals the amount in Mary's fund. Calculate XStep by Step Solution
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