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Determine amount that would be in this investment account

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TIME VALUE OF MONEY Problem - Future Value

An amount of $160, 000 was invested on Jan 1, 2011 by a relative of your colleague for 2 years at the annual rate of 9.4% compounded quarterly. But in Jan 1, 2012 the terms of the agreement were changed such that compounding was to be done twice (2 times) a month from Jan 2012. The interest rate remained unchanged. Determine the amount that would be in this investment account at the end of two years and use Excel to verify you answer.

Reference no: EM132128144

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