Joe Franklin deposits $22,000 in a savingsaccount that pays 6% interest compounded monthly.Three years later, he deposits $16,000. Two yearsafter the $16,000 deposit, he makes another deposit inthe amount of $13,500. Four years after the $13,500deposit, half of the accumulated funds are transferredto a fund that pays 8% interest compounded quarterly. How much money will be in each account sixyears after the transfer?

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 31P
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Joe Franklin deposits $22,000 in a savings
account that pays 6% interest compounded monthly.
Three years later, he deposits $16,000. Two years
after the $16,000 deposit, he makes another deposit in
the amount of $13,500. Four years after the $13,500
deposit, half of the accumulated funds are transferred
to a fund that pays 8% interest compounded quarterly. How much money will be in each account six
years after the transfer?

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