You place $25,000 in a savings account paying annual compound interest of 8% for three years and then move it into a savings account that pays 10% interest compounded annually. How much will your money have grown at the end of six years?
Amount at end of first three years
Where, A= Total amount at year end, P = Principal, r= rate per annum and t = time in years
Amount at end of next 3 years
At end of 6 years, the money would have grown to $41,916.92