SOLUTION: How much must you deposit every six months at 10% compounded semiannually if you want to $310,000 at the end of 8 years? Do not round in intermediate steps. Then round UP to the n

Question 1060163: How much must you deposit every six months at 10% compounded semiannually if you want to $310,000 at
the end of 8 years? Do not round in intermediate steps. Then round UP to the nearest dollar. Then find the
interest
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
310,000=A{(1+.1/2)^16-1}/0.05; the 0.05 is r/n; the 16 is the number of compoundings in 8 years,
310000*0.05=A((1.05^16)-1)=
15500=A(2.18-1). Don't round here as I did, but continue dividing by the number in the parentheses, which is 1.182874588.
$13,104 rounding up.
The total paid in is $13,104*16=$209658.74
The interest is $310,000-209658.74=$100,341.26

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