An investor invests $20,000 in a fund for 4 years. The annual nominal interest rate remains at 8% each year, although it is convertible semi-annually the first year, quarterly the second year, bimonthly the third and monthly the fourth year.

Required:

 Find the accumulated value of the fund at the end of the fourth year.

Answer rating: 100% (QA)

To find the accumulated value of the fund at the end of the fourth year we can use the formula for c... View the full answer