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Harpreet—s parents deposited a lump sum of money into a savings account for him on his tenth birthday at an interest rate of 5% compounded semi-annually. Three years later, they opened a new account for him. They deposited $5000 to this new account and transferred over the balance from the original account. The new account paid interest at 4.95% compounded daily. How much money was originally invested if Harpreet had $15 000.67 in the account on the day he turned 19?

 Jul 26, 2021
 #1
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Can you edit your question ?....do not put in dollar signs in the text....it gets latex (or something) converted and unintelligable.....

 Jul 26, 2021
 #2
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But here is a guess

  5000 (1 + .05/2)^6    is the amount in the first account at the end of three years    add this to 5000 to get the "new amount"

      then         "new amount" * (1 +.045/n)^(16n)        is the final amount        

                                                                     where 'n' is the amount of compounding periods per year in the second account

Guest Jul 26, 2021

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