The interest rate for a savings fund was 3.80% compounded semi-annualy for the first 4 years and then 4.60% compounded semi-annualy for the second 4 years. Harsha invested $2,650 at the end of each 6 months for 8 years. a. Calculate the accumulated value of her investment after the first 4 years. Round to the nearest cent b. Calculate the accumulated value of her investment at the end of 8 years. Round to the nearest cent c. How much interest did she earn in her investment over the 8 years. Round to the nearest cent
The interest rate for a savings fund was 3.80% compounded semi-annualy for the first 4 years and then 4.60% compounded semi-annualy for the second 4 years. Harsha invested $2,650 at the end of each 6 months for 8 years. a. Calculate the accumulated value of her investment after the first 4 years. Round to the nearest cent b. Calculate the accumulated value of her investment at the end of 8 years. Round to the nearest cent c. How much interest did she earn in her investment over the 8 years. Round to the nearest cent
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Transcribed Image Text:The interest rate for a savings fund was 3.80% compounded semi-annualy for the first 4
years and then 4.60% compounded semi-annualy for the second 4 years. Harsha
invested $2,650 at the end of each 6 months for 8 years.
a. Calculate the accumulated value of her investment after the first 4 years.
Round to the nearest cent
b. Calculate the accumulated value of her investment at the end of 8 years.
Round to the nearest cent
c. How much interest did she earn in her investment over the 8 years.
Round to the nearest cent
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