You invest $3,000 in a Certificate of Deposit paying an annual compound interest of 1.26% for 10 years and then move it into a savings account that pays 0.70% interest compounded annually. What is the final balance in your account at the end of 18 years?

You invest $3,000 in a Certificate of Deposit paying an annual compound interest of 1.26% for 10 years and then move it into a savings account that pays 0.70% interest compounded annually. What is the final balance in your account at the end of 18 years?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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