Question

An investment of $4816.28 earns interest at 45% per annum compounded monthly for 2 years. At that time the interest rate is changed to 2.4% compounded
annually. How much will the accumulated value be 15 years after the change?
The accumulated value is $
(Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed)
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Answer 1

Answer:

I know the answer

Step-by-step explanation:

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Answer 2

Answer:

Calculating monthly compound interest

1. Divide your interest rate by 12 (interest rates are expressed annually, so to get a monthly figure, you have to divide it by the number of months in a year.)

2. Add 1 to this to account for the effects of compounding.