Jacob invests $1000 at the end of each year for 7 years in a fund earning...
Jacob invests $1000 at the end of each year for 7 years in a fund earning 8% effective. He reinvests the interest earned at the end of each year at 3% effective. How much does Jacob have in total at the end of 7 years? AV=?
Homework Answers
Accumulated value Jacob has in total at the end of 7
years=1000*7+80/3%*(1.03^6-1)=$7,517.472791
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Jacob invests $1000 at the end of each year for 7 years in a
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