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
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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.)
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.
