Question

(1 point) Suppose you invest $18,820.00 into an account earning an interest rate of 2.823% compounded continuously for 1 year(s) and thereafter earning an interest rate of 3.315% compounded daily. How much money is in the account after 8 years? The amount in the account is (Note: Your answer should have a dollar sign and be accurate to two decimal places)

Answer 1

For gst Initial value (P) = $ 18,820 est Year compounded continuously, 4 year, Interest Rate = 2.823% For compounded continuously, A opet (0.02823x2) 18,820 e A = $ 19358.86 (Aften one year) A 2 From 2nd year, Compounded on Daily Basis With Interest Rate (R) = 3.3157 For compounded Daily, A - P 1 + 365 Roca 365X DOO

Here, $99358.86 Initial Amount & 7 (years) 36562 A = 19358.86 at 3.315 36sod $ 24414.80 (Amount After 8 years)
BY THIS WAY, ANSWER OF GIVEN PROBLEM.