Question

Eleven years ago, you deposited $3,200 into an account. seven years ago, you added an additional $1,000 to this account. you earned 9.2 percent, compounded annually, for the first 4 years and 5.5 percent, compounded annually, for the last 7 years. how much money do you have in your account today? $8,666.67 $7,411.90 $7,717.29 $8,073.91 $8,708.15

Answer 1

$4,550.31 after the first four years before the additional $1,000, $5,550.31 after. $8,073.92 after the last 7 years.