Person A deposits $ 1,000 in a bank account at the beginning of each year for 15 years. If the investment of person A is evaluated with an effective interest rate of 4% per annum for the first 5 years, 5% per annum for the second 5 years and 6% per annum in the third 5 years, calculate the accumulated value at the end of 15 years.

Person A deposits $ 1,000 in a bank account at the beginning of each year for 15 years. If the investment of person A is evaluated with an effective interest rate of 4% per annum for the first 5 years, 5% per annum for the second 5 years and 6% per annum in the third 5 years, calculate the accumulated value at the end of 15 years.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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