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Eleven years ago, you deposited $3,200 into an account. Seven years ago, you added an additional $1,000 to this account. You earned 9.2 percent, compounded annually, for the first 4 years and 5.5 percent, compounded annually, for the last 7 years. How much money do you have in your account today

Respuesta :

Answer:

The money which the person have in account today amounts to $8,073.91

Explanation:

The amount of money which the person have in account today is computed as:

Future Value = {Present Value × (1+ Percent) ^ Number of years }+ {Present Value × (1+ Percent) ^ Number of years}

where

Present value is $3,200

Percent is 9.2%

Number of years is 4 years

Present value is $1,000

Percent is 5.5%

Number of years is 7 years

Putting the values above:

Future value = {$3,200 × (1+ 0.092) ^ 4 }+ {$1,000 × (1+ 0.055) ^ 7}

Future value = $8,073.91

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