$200 is invested at the beginning of each year for 3 years at 6%. The interest earned is reinvested at 4%. Find the accumulated value at the end of year 3.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 15PT: Rachael deposits $3,600 into a retirement fund each year. The fund earns 7.5% annual interest,...
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$200 is invested at the beginning of each year for 3 years at 6%. The interest earned is reinvested at 4%. Find the accumulated value at the end of year 3.

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