Joe Franklin deposits $22,000 in a savingsaccount that pays 6% interest compounded monthly.Three years later, he deposits $16,000. Two yearsafter the $16,000 deposit, he makes another deposit inthe amount of $13,500. Four years after the $13,500deposit, half of the accumulated funds are transferredto a fund that pays 8% interest compounded quarterly. How much money will be in each account sixyears after the transfer?
Joe Franklin deposits $22,000 in a savingsaccount that pays 6% interest compounded monthly.Three years later, he deposits $16,000. Two yearsafter the $16,000 deposit, he makes another deposit inthe amount of $13,500. Four years after the $13,500deposit, half of the accumulated funds are transferredto a fund that pays 8% interest compounded quarterly. How much money will be in each account sixyears after the transfer?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
Related questions
Question
Joe Franklin deposits $22,000 in a savings
account that pays 6% interest compounded monthly.
Three years later, he deposits $16,000. Two years
after the $16,000 deposit, he makes another deposit in
the amount of $13,500. Four years after the $13,500
deposit, half of the accumulated funds are transferred
to a fund that pays 8% interest compounded quarterly. How much money will be in each account six
years after the transfer?
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