Question: Answer is 700.87 1. You are given: a. Fund X accumulates at an effective interest rate of 4%. b. Fund Y accumulates at a simple

Answer is 700.87 1. You are given: a. Fund X accumulates

Answer is 700.87

1. You are given: a. Fund X accumulates at an effective interest rate of 4%. b. Fund Y accumulates at a simple interest rate of 8% per year c. At the end of 10 years the total amount in the two funds combined is 1000 d. At the end of 5 years the amount in Fund X is twice that in Fund Y. Calculate the total amount in the two funds at the end of 2 years. (700.87)

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