A person invests $4000 at 5% interest compounded annually for 5 years and then invests the balance (the $4000 plus the interest earned) in an account at 8% interest for 9 years. Find the combined value of the investment to the nearest cent after 14 years.

A person invests $4000 at 5% interest compounded annually for 5 years and then invests the balance (the $4000 plus the interest earned) in an account at 8% interest for 9 years. Find the combined value of the investment to the nearest cent after 14 years.

Intermediate Algebra

10th Edition

ISBN:9781285195728

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter11: Exponential And Logarithmic Functions

Section11.2: Applications Of Exponential Functions

Problem 27PS

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Question

A person invests $4000 at 5% interest compounded annually for 5 years and then invests the balance (the
$4000 plus the interest earned) in an account at 8% interest for 9 years. Find the combined value of the
investment to the nearest cent after 14 years.
(Hint: You need to break this up into two steps/calculations. Be sure to round your balance at the end of
the first 5 years to the nearest cent so you can use it in the second set of calculations.)

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