Investment 2
Jack invested $5000 in a 5-month term deposit at 4.7% pa. At the end of the five months, Jack reinvested the maturity value from the first deposit into an 11-month term deposit at 7.3% pa. What is the maturity value at the end of the second term deposit?
Correct answer:
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You need to know the following knowledge to solve this word math problem:
- algebra
- exponential equation
- geometric progression
- arithmetic
- exponentiation
- basic functions
- percentages
- exponential function
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