You deposit $6,000 in an account that pays 5.25% interest compounded semiannually. After ten years, the interest rate is increased to 5.4% compounded quarterly. What will be the value of the account after 8 more years? (Do not round until the final answer. Then, round to the nearest cent.)

Question

anonymous · Answer

alright this one i got nothinnn

anonymous · Answer

its $15,473.01
you want me to explain it?

anonymous · Answer

no its ok! i feel like youve been doing a lot of that i feel bad haha

anonymous · Answer

nah its alright i wont type it all out but just explain how i did it

anonymous · Answer

So first you use that same equation we've been using with values of 6000 for PV, .0525 for r, semiannually means 2 for n, and 10 years for t. After you find what FV is with those values, you take that FV and plug it in for PV, with .054 for r, 4 for n (quarterly), and 8 years for t. The number you get for FV after that is your answer.

anonymous · Answer

that equation is FV=PV*(1+r/n)^(nt) if you didnt get that

anonymous · Answer

your great i decided

anonymous · Answer

haha you flatter me