Mary Smith invested $25000 in a 48 month certificate of deposit (CD) that earned 8.5% annual simple interest. When the CD matured, she invested the full amount in a mutual fund that had an annual...


Mary Smith invested $25000 in a 48 month certificate of deposit (CD) that earned 8.5% annual simple interest. When the CD matured, she invested the full amount in a mutual fund that had an annual growth equivalent to 18%. After a 9 year period, she divided that current value into 12 equal payments and invested every 3 months into an annuity that generated interest at 5.5%, compounded quarterly. How much did she have at the end of her 3 years of annuity investment?



Jun 04, 2022
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