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Suppose you have $5,000 in your bank account and plan to save $670 a month for the first 5 years and $12,225 a year for the next 5 years. You deposit your bank account balance of $5,000 into another account (A/c# 1) which earns you an interest of 8.25% compounded annually for 10 years. Your monthly savings of $670 are deposited into A/c# 2 which earns you an interest of 8.25% for the first 5 years. The balance at the end of the first 5 years earns 8.39% compounded monthly for the next 5 years. Your annual savings of $12,225 are deposited into A/c# 3, which earns you 8.39% compounded quarterly for 5 years. Compute the total FV of your investments 10 years from now.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M941945

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