SOLUTION: A depositor opens a new savings account with $6000 at 7% compounded semiannually. At the beginning of year ​5, an additional ​$5000 is deposited. At the end of six ​years, wh

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Question 1176319: A depositor opens a new savings account with $6000 at 7% compounded semiannually. At the beginning of year ​5, an additional ​$5000 is deposited. At the end of six ​years, what is the balance in the​ account?
The balance in the account at the end of 6 years is ​$__.
​(Do not round until the final answer. Then round to the nearest cent as​ needed.)
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!

Hi
  In General 
A = Accumulated Amount
P= principal = 
r= annual rate = .07
n= periods per year = 2
t= years =

  = $8463.59

the 6th year:  = 14422.53

Total after 6 years = $22,886.12

Wish You the Best in your Studies.


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