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Zina [86]
3 years ago
11

You are going to deposit $21,000 today. You will earn an annual rate of 4.1 percent for 15 years, and then earn an annual rate o

f 3.5 percent for 18 years. How much will you have in your account in 33 years?
Business
1 answer:
Dafna11 [192]3 years ago
3 0

Answer:

$71,720.

Explanation:

We can find the answer by finding the future value for the two periods (the 15 years under 4.1% interest rate, and the 18 years under 3.5% interest rate) using the future value of an investment formula:

FV = PV (1 + i)^n

Where:

  • FV = Future value
  • PV = Present value
  • i = interest rate
  • n = number of compounding periods

Now, for the first period of time, we plug the amounts into the formula:

FV = $21,000 (1 + 0.041)^15

FV = $38,369

Now, we take that result, and apply the same formula:

FV = $38,369 (1 + 0.035)^18

FV = $71,270

So, the total amount you will have in your account after 33 years is $71,720.

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