Question
Melis deposits $19,000 in a savings account that pays 8% interest compounded quarterly. Three yearslater, he deposits $18,000. Two years after the $18,000 deposit, he
Melis deposits $19,000 in a savings account that pays 8% interest compounded quarterly. Three yearslater, he deposits $18,000. Two years after the $18,000 deposit, he makes another deposit in theamount of $15,000. Four years after the $15,000 deposit, half of the accumulated funds are transferredto a fund that pays 6% interest compounded monthly. How much money will be in each account fiveyears after the transfer?
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Fundamentals of Engineering Economics
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