For the last four years Joe has made deposits of $200 at the end of every six months earning interest at 6% compounded semi-annually. If he leaves the accumulated balance in an account earning 7% compounded quarterly, what will the balance be in Joe's account at the end of another ten years?

For the last four years Joe has made deposits of $200 at the end of every six months earning interest at 6% compounded semi-annually. If he leaves the accumulated balance in an account earning 7% compounded quarterly, what will the balance be in Joe's account at the end of another ten years?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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Question

For the last four years Joe has made deposits of $200 at the end of every six months earning interest at 6% compounded semi-annually. If he leaves the
accumulated balance in an account earning 7% compounded quarterly, what will the balance be in Joe's account at the end of another ten years?

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