Question
You place $25,000 in a savings account paying an annual compound interest of 8 percent for 3 years and then move it into a savings
You place $25,000 in a savings account paying an annual compound interest of 8 percent for 3 years and then move it into a savings account that pays 10 percent interest compounded annually. What is the original balance worth at the end of six years?
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Financial Markets and Institutions
Authors: Jeff Madura
12th edition
9781337515535, 1337099740, 1337515531, 978-1337099745
