fifteen years ago, you deposited $12500 into an investment fund. five years ago, you added an additional $20000 to that account. you earned 8%compounded semi annually for the first ten years, and 6.5, compounded annually for the last five years. what is the effective annual interest rate EAR YOU would get for your investment the first 10 years? How much do you have in your account today? if you wish to have $85000 now.how much should you have invested in 15 years ago?
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Answer:
- effective annual rate =8.16%
- money in account today=64927.09dollars
- amount to be invested=28314.19 dollars
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