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Mr. Gomez has spent 8 months saving $ 1000 at the beginning of each fortnight, the...

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Finance

Mr. Gomez has spent 8 months saving $ 1000 at thebeginning of each fortnight, the interest rate being equal to 10%capitalizable biweekly. The day he will make the seventeenthdeposit, Mr. Gomez finds out that the interest rate goes up to fromthat moment on to 11.5% capitalizable every fortnight and decidesto increase the biweekly savings to $ 1300 as of that moment.Calculate the amount and interest earned after two years

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Given information Total period 2 years 52 2 104 weeks 52 biweekly payments Number of payments of 1000 16 Number of payments of 1300 52 16 36 Total amount paid 1000 16 1300 36 16000    See Answer
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Mr. Gomez has spent 8 months saving $ 1000 at thebeginning of each fortnight, the interest rate being equal to 10%capitalizable biweekly. The day he will make the seventeenthdeposit, Mr. Gomez finds out that the interest rate goes up to fromthat moment on to 11.5% capitalizable every fortnight and decidesto increase the biweekly savings to $ 1300 as of that moment.Calculate the amount and interest earned after two years

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