Solution:-
Given that,
An investment of $2400 earns interest rate of 4.1% compounded annually for four years.
Let A be the total amount after 4 years, we have
A = P(1+r/n)^(nt)
Where,
P = the principal investment amount
r = the annual interest rate
n = the number of times that interest is compounded per unit t
t = the time the money is invested
Now,
A = 2400 ( 1 + 0.041 / 1 ) ^ ( 1×4 )
A = 2400 (1.041) ^ (4)
A = 2818.474823
Now, the interest rate is changed to 4.9% quarterly for three years
Let A' be the final amount after 3 years
A' = A(1+r/n)^(nt)
A' = (2818.474823)(1+0.049/4)^(4×3)
A' = (2818.474823)(1.01225)^(12)
A' = 3261.88
Therefore, the accumulated value is $3261.88
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