A man deposits $14,000 at the beginning of each year for 14years in an account paying 77% compounded annually. He then puts the total amount on deposit in another account paying 9% compounded semiannually for another 9 years. Find the final amount on deposit after the entire 23 year period.

A man deposits $14,000 at the beginning of each year for 14years in an account paying 77% compounded annually. He then puts the total amount on deposit in another account paying 9% compounded semiannually for another 9 years. Find the final amount on deposit after the entire 23 year period.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 24P

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Question

A man deposits

$14,000

at the beginning of each year for

14years in an account paying

77%

compounded annually. He then puts the total amount on deposit in another account paying 9%
compounded semiannually for another 9
years. Find the final amount on deposit after the entire

23 year period.

(Simplify your answer. Round to the nearest cent as needed.)

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