老師，我在寫08 study notes模擬試題exam1/afternoon session/19題遇到困難，望老師撥冗指教，感激不盡！

答覆：

19. In three years, an investor deposits the first of eight $1,000 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 of ten years assuming no withdrawals are made?

A. $8,416.32

B. $8,872.93

C. $9,251.82

D. $9,549.11

題意：

投資人連續三年，每年存入特殊基金一次，每次$1,000，總共會有8筆。該基金每年賺取年5%，直到第5年。之後，所有在基金內累積的錢會賺取一個減少成利率4%，每年複利直到第10年年底。若在此期間皆不提出，則在第10個年底的該基金，共有多少錢？

解答：

該基金在第5年底的金額為$3,152.50。

PMT=1,000；N=3；I/Y=5；PV=0；CPT→FV=-$3,152.50

該基金在第10年底的金額為$9,251.82

PV=3,152.50；N=5；I/Y=4；PMT=1,000；CPT→FV=-$9,251.82

故答案為C。