An investment of $2329.58 earns interest at 3.9% per annum compounded quarterly for 4 years. At that time the interest rate is changed to 15% compounded monthly. How much will the accumulated value be 3 years after the change?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 29P
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An investment of $2329.58 earns interest at 3.9% per annum compounded quarterly for 4 years. At
that time the interest rate is changed to 15% compounded monthly. How much will the accumulated
value be 3 years after the change?
The accumulated value is $☐
(Round the final answer to the nearest cent as needed. Round all intermediate values to six
decimal places as needed.)
Transcribed Image Text:An investment of $2329.58 earns interest at 3.9% per annum compounded quarterly for 4 years. At that time the interest rate is changed to 15% compounded monthly. How much will the accumulated value be 3 years after the change? The accumulated value is $☐ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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