You deposit $6000 in an account that pays 5.25% interest
Chapter 8, Problem 42(choose chapter or problem)
Assume that the accounts described in the exercises have no other deposits or withdrawals except for what is stated. Round all answers to the nearest dollar, rounding up to the nearest dollar in present value problems. Assume 360 days in a year.
You deposit $6000 in an account that pays 5.25% interest compounded semiannually. After 10 years, the interest rate is increased to 5.4% compounded quarterly. What will be the value of the account after 18 years?
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