Answer to Question #168705 in Finance for Syed Mudassir Abbas

Question #168705

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?




1
Expert's answer
2021-03-08T07:12:28-0500

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

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS