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A trust fund is being set up by a single payment so that at the end of 15 years there is $30,000 in the fund. If the int
Posted: Thu May 05, 2022 5:26 am
by answerhappygod
- A Trust Fund Is Being Set Up By A Single Payment So That At The End Of 15 Years There Is 30 000 In The Fund If The Int 1 (35.34 KiB) Viewed 35 times
A trust fund is being set up by a single payment so that at the end of 15 years there is $30,000 in the fund. If the interest rate 6.5% compounded annually, how much money should be invested initially? [8 marks] Tim deposits $12,000 and the end of each year into a savings account for 15 years. His deposits earn interest at 8% annually the first 5 years, 10% compounded annually the next 5 years and 7% compounded annually for the last 5 years. What amount is in his account after 15 years? [12 marks]