Ahmed deposits $4,000 in a savings account that pays 8% interest compounded monthly. Three years...

90.2K

Verified Solution

Question

Accounting

Ahmed deposits $4,000 in a savings account that pays 8% interest compounded monthly. Three years later, he deposits $5,000. Two years after the $5,000 deposit he makes another deposit in the amount of $7,000. Four years after the $7,000 deposit, half of the accumulated money is transferred to a fund that pays 8% interest compounded quarterly. How much money will be in each account six years after the transfer?
Please do not use excel functions

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students