Ms. Simms made deposits of $540 at the end of every three months into a savings account. For the first five years interest was 5% compounded quarterly. Since then the rate of interest has been 5.5% compounded quarterly. How much is the account balance after 13 years?

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06-11-2022
Business

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Ms. Simms made deposits of $540 at the end of every three months into a savings account. For the first five years interest was 5% compounded quarterly. Since then the rate of interest has been 5.5% compounded quarterly. How much is the account balance after 13 years?

Sagot :

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Ms. Simms made deposits of $540 at the end of every three months into a savings account. For the first five years interest was 5% compounded quarterly. Since then the rate of interest has been 5.5% compounded quarterly. How much is the account balance after 13 years?

Sagot :

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