Question
On 16 April 2013, RM 2,000 was invested at 5% compounded semi annually. Find the amount accumulated on 16 October 2016 if the rate was changed to 8% compounded quarterly beginning 16 April 2014.
Answers
bobpursley
find out the amount accumulated at 16 Oct: 13 quarters
value= 2000 (1.0125)^13= about 2259
Now, that is compounded 7 quarters...
value=2259(1.020)^7= about 2594
check my thinking and math.
value= 2000 (1.0125)^13= about 2259
Now, that is compounded 7 quarters...
value=2259(1.020)^7= about 2594
check my thinking and math.