An investment of $20,000 earned interest at 5.5% compounded
quarterly for 1 year and 4.5% compounded quarterly for the next
year. what is the amount in the account at the end of 2 years?

$22,089.59

Step-by-step explanation:

1st Year:

A = P [1 + (r / n)]ⁿᵇ

Where;

Amount Invested = P = $20,000

Interest Rate = r = 5.5% = 0.055

Compounded Quarterly = n = 4

Time = b = 1 year

Hence, by putting in the values above we can find the final amount in 1st year as;

A = $20,000 [1 + (0.055 / 4)]⁴ ˣ ¹

A = $20,000 [1+ 0.01375]⁴

A = $20,000 [1.01375]⁴

A = $20,000 x 1.056145

A = $21,122.90

2nd Year:

A = P [1 + (r / n)]ⁿᵇ

Now;

Investment from 1st year = P = $21,122.90

Interest Rate = r = 4.5% = 0.045

Compounded Quarterly = n = 4

Time = b = 1 Year

Hence by putting in the values above we get;

A = $21,122.90 [1 + (0.045 / 4)]⁴ ˣ ¹

A = $21,122.90 [1 + 0.01125]⁴

A = $21,122.90 [1.01125]⁴

A = $21,122.90 x 1.045765

A = $22,089.59

Hence the amount in the account in the 2nd year will be $22,089.59.

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step-by-step explanation:

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