Thirteen years ago, you deposited $2,400 into an account. Eight years ago, you added an additional...
Thirteen years ago, you deposited $2,400 into an account. Eight years ago, you added an additional $1,000 to this account. You earned 8 percent, compounded annually, for the first 5 years and 5.5 percent, compounded annually, for the last 8 years. How much money do you have in your account today?
Homework Answers
The amount is computed as shown below:
Future value = Present value (1 + r )n
= $ 2,400 x 1.085 x 1.0558 + $ 1,000 x 1.0555
= $ 6,718.86 Approximately
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