A man deposits $16 comma 000 at the beginning of each year for 16 years in an account paying 5% compounded annually. He then puts the total amount on deposit in another account paying 8% compounded semiannually for another 8 years. Find the final amount on deposit after the entire 24-year period.

Step-by-step explanation:

GIVEN: A man deposits at the beginning of each year for years in an account paying compounded annually. He then puts the total amount on deposit in another account paying compounded semiannually for another years.

TO FIND: Find the final amount on deposit after the entire -year period.

SOLUTION:

Total amount deposited by man

rate of interest for first 16 years

compounding interval

Total amount after  years

this will become new principal after years.

rate of interest for last years

compounding interval

Total amount after years

final amount on deposit after the entire -year period  is

4 + 5 7/9= 9 7/9

step-by-step explanation: