Have a go at this cracker of a question… In 3 years an investor deposits the first of 8 $1000 payments into a special fund. The fund will earn interest at the rate of 5% per year until the end of the fifth year. Thereafter, all money accumulated in the fund will earn a reduced interest rate of 4% compounded annually until the end of the tenth year. How much money will th investor have in the fund at the end of 10yrs assuming no withdrawals are made? a 8,416 b 8,872 c 9,251 d 9,549
has been solved many times before on the forum answer 9251
N=3,I/Y=5,PMT=1000,PV=0 CPT FV = 3152.5 N=5 I/Y=4,PMT=1000,PV=3152.5 CPT FV = 9251.8 C
lol there isn’t a question that cpk hasn’t solved!!! Edit: but this question has definitely been solved a million times.
This was an easy one and i agree it has been solved many time… Bu no matter what, the words of kevin are so true!!! CPK is God… Everything is in his fingertips