Beverly Hills started a paper route on January 1. Every three months, she deposits $550 in her bank account, which earns 8 percent annually but is compounded quarterly. Four years later, she used the entire balance in her bank account to invest in an investment at 7 percent annually. How much will she have after three more years? (Do not round intermediate calculations. Round your final
Beverly Hills started a paper route on January 1. Every three months, she deposits $550 in her bank account, which earns 8 percent annually but is compounded quarterly. Four years later, she used the entire balance in her bank account to invest in an investment at 7 percent annually. How much will she have after three more years? (Do not round intermediate calculations. Round your final
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 10PROB
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Transcribed Image Text:How much will she have after three more years? (Do not
round intermediate calculations. Round your final
answer to 2 decimal places.)
Future value
Transcribed Image Text:Beverly Hills started a paper route on January 1. Every
three months, she deposits $550 in her bank account,
which earns 8 percent annually but is compounded
quarterly. Four years later, she used the entire balance in
her bank account to invest in an investment at 7 percent
annually.
How much will she have after three more years? (Do not
round intermediate calculations. Round your final
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