A fund was established in 2001, whose history is recorded below: Deposit of $1000 on 1/1/2001, Deposit of $2000 on 1/1/2003, Withdrawal of $500 on 7/1/2003, Deposit of $1400 on 7/1/2004, Withdrawal of $1000 on 1/1/2005. The fund earned interest at the rate of 4% compounded semiannually until the end of 2003. At that date, the interest rate was augmented to 5% compounded semiannually. What was the principal in the fund at the end of 2007?
2 answers
The principal in the fund at the end of 2007 would be $3,845.
fund was established in 2001, whose history is recorded below: Deposit of $1000 on 1/1/2001, Deposit of $2000 on 1/1/2003, Withdrawal of $500 on 7/1/2003, Deposit of $1400 on 7/1/2004, Withdrawal of $1000 on 1/1/2005. The fund earned interest at the rate of 4% compounded semiannually until the end of 2003. At that date, the interest rate was augmented to 5% compounded semiannually. What was the principal in the fund at the end of 2007?