You deposit $4000 in an account that pays 8 % interest compounded semiannually. After 2 years, the interest rate is increased to 8.48 % compounded quarterly. What will be the value of the account after a total of 4 years?
1 answer
4000 * (1 + .08/2)^(2*2) * (1 + .0848/4)^(4*2)
2 answers