You invest a single amount of $15,500 for 6 years at 13 percent. At the end...
You invest a single amount of $15,500 for 6 years at 13 percent. At the end of 6 years you take the proceeds and invest them for 15 years at 18 percent.
How much will you have after 21 years? (Do not round intermediate
calculations. Round your final answer to 2 decimal places.)
Homework Answers
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
Hence
A=$15500*(1.13)^6*(1.18)^15
=$15500*24.9287654
=$386,395.86(Approx).
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