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You Save Bank has a unique account. If you deposit $8,000 today, the bank will pay you an annual interest rate of 3 percent for 5 years, 3.6 percent for 4 years, and 4.3 percent for 8 years. How much will you have in your account in 17 years

Respuesta :

Answer:

Total money after 17 years = $14962

Explanation:

Given present value or mount deposited today = $8000

Annual interest rate for 5 years = 3 %

Annual interest rate for 4 years = 3.6 %

Annual interest rate for 8 years = 4.3 %

Now we have to calculate the total amount after 17 years. Below is the calculation.

[tex]Total \ amount = 8000(1 + 0.03)^{5} (1+ 0.036) ^{4} (1+ 0.043 ) ^{8} \\Total \ amount = $14962[/tex]

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