Give your answers in this question correct to the nearest whole number. Imon invested 25000 Singapore dollars (SGD) in a fixed deposit account with a nominal annual interest rate of 3.6%, compounded monthly. At the end of the 5 years, Imon withdrew x SGD from the fixed deposit account and reinvested this into a super-savings account with a nominal annual interest rate of 5.7%, compounded half-yearly. The value of the super-savings account increased to 20000 SGD after 18 months. Find the value of x.

Give your answers in this question correct to the nearest whole number. Imon invested 25000 Singapore dollars (SGD) in a fixed deposit account with a nominal annual interest rate of 3.6%, compounded monthly. At the end of the 5 years, Imon withdrew x SGD from the fixed deposit account and reinvested this into a super-savings account with a nominal annual interest rate of 5.7%, compounded half-yearly. The value of the super-savings account increased to 20000 SGD after 18 months. Find the value of x.

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 3STP

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