You found an investment account that pays 12% annually for the first 5 years then 9% annually

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You found an investment account that pays 12% annually for the first 5 years then 9% annually for the next 4 years. If you invest $10,000 in this account, how much total interest will you earn? Positive number rounded to 2 decimal places.

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Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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Posted Date: Dec 13, 2023 12:16 PM

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You found an investment account that pays 12% annually for the first 5 years then 9% annually

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This problem can be solved by using the formula for compound interest The formula is A P 1 rnn... View the full answer

Fundamentals of Financial Accounting

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