Dru plans to invest 6,500 dollars in 4 years and 7,300 dollars in 3 year(s). He...

Dru plans to invest 6,500 dollars in 4 years and 7,300 dollars in 3 year(s). He expects to earn 11.98 percent per year. How much money does Dru expect to have in 9 years?

Expert Solution

Dru expect to have $25,838.47 in 9 years
Time	Opening Balance	Interest	Total Balance	Deposits	Closing Balance
1.00	-	-	-		-
2.00	-	-	-		-
3.00	-	-	-	7,300.00	7,300.00
4.00	7,300.00	874.54	8,174.54	6,500.00	14,674.54
5.00	14,674.54	1,758.01	16,432.55		16,432.55
6.00	16,432.55	1,968.62	18,401.17		18,401.17
7.00	18,401.17	2,204.46	20,605.63		20,605.63
8.00	20,605.63	2,468.55	23,074.18		23,074.18
9.00	23,074.18	2,764.29	25,838.47		25,838.47

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