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July 29, 2014

Homework Help: Finance

Posted by Basil on Thursday, March 15, 2012 at 4:05pm.

You deposit $1000 for 5 years at 4% annual interest. In 5 years, you add $10000 to your account, but the rate on your account changes to 8% annual interest (for existing balance and new deposit). You leave the account untouched for an additional 15 years. How much do you accumulate?

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