Money accumulates in a fund at an effective annual interest

Reference no: EM13641197

Money accumulates in a fund at an effective annual interest rate of i during the first 5 years, and at an effective annual interest rate of 2i thereafter. A deposit of 1 is made in the fund at time 0. It accumulates to 3.09 at the end of 10 years and to 13.62 at the end of 20 years. What is the value of the deposit at the end of 7 years?

The answers are either

A. 1.90,

B.1.98,

C 2.06

D 2.14

E 2.23

Reference no: EM13641197

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