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):
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.
