Question

You deposit ​$4000 in an account that pays 66​% interest compounded semiannually. After 22 ​years, the interest rate is increased to 6.28​% compounded quarterly. What will be the value of the account after 44 ​years?

Answer 1

?? pays 66​% interest ??

Answer 2

Let's say the initial rate is 6%
In that case, the value after 44 years will be

[4000(1+.06/2)^(2*22)](1+.0628/4)^(4*22) = 57,843.92

If the initial rate is not 6%, just change it in the expression above and re-evaluate.