单选题 In three years, an investor deposits the first of eight $1000 payments into a special fund. The fund will earn interest at the rate of 5% per year until the end of the fifth year. Thereafter, all money accumulated in the fund will earn a reduced interest rate of 4% compounded annually until the end of the tenth year. How much money will the investor have in the fund at the end often years assuming no withdrawals are made?

A. $8416.32.
B. $8872.93.
C. $9251.82.

【正确答案】 C

【答案解析】It's best to break this problem into parts to accommodate the change in the interest rate. Money in the fund at the end of ten years based on deposits made with initial interest of 5% : (1) The total value in the fund at the end of the fifth year is $3152.50: PMT=-1000; N=3; I/Y=5; CPT→FV=$3152.50. (2) The $3152.50 is now the present value and will then grow at 4% until the end of the tenth year. We get: PV=-3152.50; N=5; I/Y=4; PMT=-1000; CPT→FV=$9251.82