An investment of $2500 earns interest at 4.5% p.a. compounded monthly for three years. At that time

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An investment of $2500 earns interest at 4.5% p.a. compounded monthly for three years. At that time the interest rate is changed to 5% compounded quarterly. How much will the accumulated value be one-and-a-half years after the change?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Feb 26, 2016 03:47 AM

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An investment of $2500 earns interest at 4.5% p.a. compounded monthly for three years. At that time

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Balance after 3 years PV 250000 I Y 45 C Y 12 i 4512 0375 000375 n 3 12 36 FV 250000...View the full answer

Contemporary Business Mathematics with Canadian Applications

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