Homework Help: math

Posted by Anonymous* on Monday, July 18, 2011 at 11:53pm.

A deposit of $2,000 earns interest at a rate of 14% compounded quarterly. After two and a half years the interest rate changes to 13.5% compounded monthly. How much is in the account after six years?

math - drwls, Tuesday, July 19, 2011 at 6:01am
2000*(1 + 0.14/4)^10 *(1 + 0.135/12)^42

There are 10 quarterly compounding events at 14% and 42 monthly componding events at 13.5%.

Do the numbers.

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