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Please give a detailed explanation step by step with a drawn out timeline! I'm confused on the process so please be thorough. Jonathan invested $8,000
Please give a detailed explanation step by step with a drawn out timeline!
I'm confused on the process so please be thorough.
Jonathan invested $8,000 eight years ago. The interest rate on his investment changed over time. It was 3% compounded semiannually for the first three years, 5% compounded quarterly for the next two years, and 12% continuously compounded over the last 3 years. compounded continuously. What is the value of his investment now? You Answered 32,600 Correct Answers 13,848.17 (with margin: 50) Straight forward compounding of the original investment at the various interest rates gives 8,000*(1+3%/2)^(3*2)* (1+5%/4)^(2*4)*e^(12%*3) = $13848.17Step by Step Solution
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