An investment of $4431.57 earns interest at 6.2% per annum compounded annually for 2 years. At that time the interest rate is changed to 7.4% compounded semi-annually. How much will the accumulated value be 2.5 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.)
An investment of $4431.57 earns interest at 6.2% per annum compounded annually for 2 years. At that time the interest rate is changed to 7.4% compounded semi-annually. How much will the accumulated value be 2.5 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.)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 3CE
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