Mathematics, 22.06.2019 13:10, makayladurham19
$20000 is invested in an account that earned 6% p. a. compounding yearly for 3 years. the interest rate then went up to 8% p. a. for the next 4 years. after this period the amount of money in the account would be?
Answers: 1
![\bf A=20000\left(1+\frac{0.06}{1}\right)^{1\cdot 3}\implies A=20000(1.06)^3\implies \boxed{A=2382.032} \\\\[-0.35em] ~\dotfill\\\\ ~~~~~~ \textit{Compound Interest Earned Amount \underline{for the next 4 years}}](/tpl/images/0004/1853/2ec34.png)
![\bf A=2382.032\left(1+\frac{0.08}{1}\right)^{1\cdot 4}\implies A=2382.032(1.08)^4\implies \boxed{A\approx 3240.73} \\\\[-0.35em] ~\dotfill\\\\ \stackrel{\textit{amount for this period}}{2382.032+3240.73}\implies 5622.762](/tpl/images/0004/1853/a30a4.png)
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$20000 is invested in an account that earned 6% p. a. compounding yearly for 3 years. the interest r...
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