Question 1138853
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<pre>

It is a classic Annuity due saving plan. The general formula is 


    FV = {{{P*(1+r)*(((1+r)^n-1)/r)}}},    (1)


where  FV is the future value of the account;  P is your annual payment (deposit); 
r is the annual percentage rate presented as a decimal; 
n is the number of deposits (= the number of years multiplied by 2, in this case).


Under the given conditions, P = 5645;  r = 0.06/2;  n = 3*2 = 6.  So, according to the formula (1), 
you get at the end of the 6-th year


    FV = {{{5645*(1+0.06/2)*(((1+0.06/2)^6-1)/(0.06/2))}}} = $37609.60.   <U>ANSWER</U>
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On Ordinary Annuity and Annuity due saving plans, &nbsp;see the lessons

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=http://www.algebra.com/algebra/homework/Sequences-and-series/Ordinary-Annuity-saving-plans-and-geometric-progressions.lesson>Ordinary Annuity saving plans and geometric progressions</A>

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/Sequences-and-series/Solved-problem-on-Ordinary-Annuity-saving-plans.lesson>Solved problems on Ordinary Annuity saving plans</A>

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=http://www.algebra.com/algebra/homework/Sequences-and-series/Annuity-due-saving-plans-and-geometric-progressions.lesson>Annuity Due saving plans and geometric progressions</A>

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