How much money would be accumulated in 10 years for a deposit of $10,000 made at...
How much money would be accumulated in 10 years for a deposit of $10,000 made at the end-of-year zero if the account earned interest at 7% per year for the first three years, 10% per year for the next four years, and 8% per year for the last three years?
The amount accumulated in 10 years will be $_________.(Round to the nearest dollar.)
Homework Answers
Amount deposited in the 0th year = $10,000
Interest for first three years = 7%
Interest for next four years = 10%
Interest for the last three years = 8%
What is the future value at the end of 10th year?
Future value = $10,000 (1+0.07)3(1+0.10)4(1+0.08)3 = $22594
Alternatively
Future value = $10,000 (F/P, 7%, 3) (F/P, 10%, 4) (F/P, 8%, 3)
Future value = $10,000 (1.2251) (1.4641) (1.2597) = $22594
The amount accumulated in 10 years will be $22594.
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