Suppose Patrick Goldsmith deposited $1000 in an account that earned simple interest at an annual rate of

Question:

Suppose Patrick Goldsmith deposited $1000 in an account that earned simple interest at an annual rate of 7% and left it there for 6 years. At the end of the 6 years, Patrick deposited the entire amount from that account into a new account that earned 9% compounded quarterly. He left the money in this account for 4 years. How much did he have after the 10 years?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: