A man deposits $11,000 at the beginning of each year for 10 years in an account paying 5% compounded annually. He then puts the total amount on deposit in another account paying 9% compounded semiannually for another 7 years. Find the final amount on deposit after the entire 17-year period. He will have a final amount of $ after the entire 17-year period.
A man deposits $11,000 at the beginning of each year for 10 years in an account paying 5% compounded annually. He then puts the total amount on deposit in another account paying 9% compounded semiannually for another 7 years. Find the final amount on deposit after the entire 17-year period. He will have a final amount of $ after the entire 17-year period.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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