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OpenStudy (anonymous):
a person invests $5000 at 6% interest compounded anually for 3 years and then invests the balance ( the $5000 plus the interest earned) in an account at 8% interest for 5years. Find the value of the investment after the 8years
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OpenStudy (tkhunny):
Did you find that calculator, yet? \[5000\cdot (1.06)^{3}\cdot (1.08)^{5}\] Pretty tough without a calculator.
OpenStudy (anonymous):
i got a calculator.
OpenStudy (tkhunny):
Excellent. Let's see what you get.
OpenStudy (anonymous):
hold on
OpenStudy (anonymous):
the answer is 8749.97 if rounded up right?
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OpenStudy (tkhunny):
That's what I get. Very good.
OpenStudy (anonymous):
thanks
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