Ten years ago, you set aside $4,000. For the first 6 years, you earned a return of 6% per year, but for the following 4 years, that rate of return dropped to 3%. At the end of the 10 years, you will have $. (Round your response to the nearest dollar.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 22P
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Ten years ago, you set aside $4,000. For the first 6 years, you earned a return of 6% per year, but for the following 4 years, that rate of return dropped to
3%.
At the end of the 10 years, you will have $
(Round your response to the nearest dollar.)
Transcribed Image Text:Ten years ago, you set aside $4,000. For the first 6 years, you earned a return of 6% per year, but for the following 4 years, that rate of return dropped to 3%. At the end of the 10 years, you will have $ (Round your response to the nearest dollar.)
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