Nicko Kevin R.

asked • 05/31/22

Red Company invested $10,000 in a fund that was earning interest at a rate of 2.00% compounded semi-annually.

Red Company invested $10,000 in a fund that was earning interest at a rate of 2.00% compounded semi-annually. After 3 years and 6 months, the company transferred these funds to another investment that was earning interest at 4.50% compounded monthly.


a. What is the balance in the fund at the end of 3 years and 6 months?


Round to the nearest cent


b. What is the balance in the fund at the end of 6 years (from the initial investment)?


Round to the nearest cent


c. By what amount did the fund grow during the 6 year period?


Round to the nearest cent



1 Expert Answer

By:

Raymond B. answered • 09/10/22

Tutor
5 (2)

Math, microeconomics or criminal justice

Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.

OR

Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.