Mr. Jenkins has deposited $3880 at the end of each year into a superannuation fund for the last 25 years. His investments earned j1=14.63% p.a.
Mr. Jenkins has deposited $3880 at the end of each year into a superannuation fund for the last 25 years. His investments earned j1=14.63% p.a. for the first 20 years and j1=3.06% p.a. for the remaining years. How much money does he have in his account 25 years after his final deposit?
A.
$111191.10
B.
$442320.97
C.
$462945.14
D.
$926262.89
Step by Step Solution
There are 3 Steps involved in it
Step: 1
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Authors: George Graham
1st Edition
1914346432, 978-1914346439
