Twelve years ago, you deposited RM3,400 into an account. Seven years ago, you added an additional RM1,000 to this account. You earned 8 percent, compounded annually, for the first 5 years and 5.5 percent, compounded annually, for the last 7 years. How much money do you have in your account today?

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 10PROB
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Twelve years ago, you deposited RM3,400 into an account. Seven years ago, you added an
additional RM1,000 to this account. You earned 8 percent, compounded annually, for the
first 5 years and 5.5 percent, compounded annually, for the last 7 years. How much money
do you have in your account today?
Transcribed Image Text:Twelve years ago, you deposited RM3,400 into an account. Seven years ago, you added an additional RM1,000 to this account. You earned 8 percent, compounded annually, for the first 5 years and 5.5 percent, compounded annually, for the last 7 years. How much money do you have in your account today?
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