SOLUTION: If $5000 is deposited at the end of each half year in an account that earns 6.1% compounded semiannually, after how many half years will the account contain $130,000? (Round your a

Question 1198639: If $5000 is deposited at the end of each half year in an account that earns 6.1% compounded semiannually, after how many half years will the account contain $130,000? (Round your answer UP to the nearest half year.)

Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
6.1% per year = 3.05% per half year..
using an online financial calculator such as the one found at https://arachnoid.com/finance/, i get 19.43 half years..
round this up to the next highest integer to get 20 half years.

here's what the results look like.

RELATED QUESTIONS
4. You are planning to deposit $15,000 into a bank account at the end of each year for 5... (answered by Theo)

Can someone help me with this problem? If $7,800 is deposited into an account paying (answered by psbhowmick)

as a financial planner a client comes to you for investment advice after meeting with him (answered by Theo)

If $9,000.00 is deposited into an account paying 4% interest compounded annually (at the... (answered by stanbon)

1)Suppose you invest $150 at the end of each month for 6 years into an account earning 6% (answered by ikleyn)

A depositor opens a new savings account with $6000 at 7% compounded semiannually. At the... (answered by ewatrrr)

Tuan deposited $1,500 in a saving account that pays an annual rate of 7% interest... (answered by solver91311,lwsshak3)

Brian Costa deposited $20,000 in a new savings account at 12% interest compounded... (answered by Theo)

Francisco opened a saving bond that was compounded semiannually at 2.46%. If he... (answered by Alan3354,mananth)