John invested $3000 that earns interest at 4% p. a. compounded monthly. two years later, the interest rate is changed to 4.50% compounded quarterly. determine the accumulated value of the investment two years after the change.

The Accumulated value of investment two years after the change is  $3280.8

Step-by-step explanation:

Given as :

Investment principal = $3000

The interest rate compounded monthly = 4%

The time period = 2 years

From compounded method for monthly

Amount = Principal ×

Or, Amount = $3000 ×

Or, Amount = $3000 ×

∴   Amount = $3246.8

Now The interest rate change to 4.50% for compounded quarterly

Amount = Principal ×

Or, Amount = $3000 ×

Or, Amount = $3000 ×

∴   Amount = $3280.8

Hence The Accumulated value of investment two years after the change is  $3280.8  Answer

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