an amount of $2000 was deposited at rate of 8% compounded quarterly for four years, the rate increased to 10% and was compounded quarterly for the next 4 years, what is the balance

Question

This amount was deposited adn would like to know the ending balance

Answer 1

8% per annum is 8/4=2% per quarter and there are 16 quarters in 4 years, so the amount after 4 years is 2000*1.02^16. 10% per annum is 2.5% per quarter and the starting value is 2000*1.02^16, so after a further 16 quarters we have 2000*1.02^16*1.025^16=2000(1.02*1.025)^16=$4,075.82.

Answer 2

????????????? "amount" ????????????

sound tu me like yu hav munee or dollars

sound like yu hav 2,000$ & get interest at 8%, kompound quarter for 4 yeers...but thats step 1

for quarter, get $ 4 times a yeer, so yu hav 2000*(1.02)^(4*4)

1.04^16=1.372785705

2000$*1.372785705=2,745.57$

Answer 3

1 $ at 8%, quarter kompound, 4 yeers ..

become 1.02^16

.end value=1.3727857050906124

*** step 2...10%, so math become 1.025^16

end value =1.4845056206605622

the 2 steps in seerees...1.2727857*1.48450562=2.0379080951694872

multipli bi 2000$=start dollar...4,075.81619033897...

or bout 4,07582$