Find the final amount on deposit after the entire 17​-year period.

Question

A man deposits ​$18,000 at the beginning of each year for 10 years in an account paying 4​% compounded annually. He then puts the total amount on deposit in another account paying 8​% compounded semiannually for another 7 years. Find the final amount on deposit after the entire 17​-year period.

Answer 1

fv=p(1+int/c)^(nc)

future value

int

compound

years

fv=18,000(1+.04/1)^(1)=18,720 yr#1

+18000=36,720

=38,188 yr#2

This is to be done 10 times.

At step 11 change the values of the formula; repeat 7 times. Be spacific with "semi annual".