amount after first 2 years = 2000(1.035)^4
then for the next 2 years we have i = .0732/4 = .0183
and n = 8 , number of quarters in 2 years
final amount = 2000(1.035)^4 * (1.0183)^8
= .....
You deposit $2000
in an account that pays 7
%
interest compounded semiannually. After 2
years, the interest rate is increased to 7.32
%
compounded quarterly. What will be the value of the account after a total of 4
years?
2 answers
You deposit2000 $ in an account that pays6 % interest compounded semiannually. After years, the interest rate is increased to6.84 % compounded quarterly. What will be the value of the account after a total of 2years?
1 answer