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Ten years ago, you deposited $5,500 into an account. Five years ago, you added an additional $2,500 to this account.
You earned 6.5 percent, compounded annually, for the first 5 years and 5.0 percent, compounded annually, for the last
5 years. How much money do you have in your account today?

Respuesta :

The money that should have in your account today is $12,808.1.

  • The calculations is given below:

We know that,

Future value = Present value × (1+ rate)^time

= $5,500 × (1+0.065)^5

= $7,535.48

Now the present value should be

= $7,535.48 + $2,500

= $10,035.48

So,  

Future value = Present value  ×  (1+ rate)^time

= $10,035.48  × (1+0.05)^5

= $12,808.1

Therefore we can conclude that the money that should have in your account today is $12,808.1.

Learn more: brainly.com/question/19436415

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