Question 1207422
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Mrs. Cook made deposits of $950 at the end of every 6 months for 15 years. 
If interest is 3% compounded monthly, how much will Mrs. Cook have accumulated 
10 years after the last deposit?
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The nominal interest is 3% compounded monthly.


It means that the monthly effective growth factor is  (1+0.03/12) = 1.0025.


Then the semi-annual effective growth factor is {{{(1+0.03/12)^6}}} = {{{1.0025^6}}} = 1.01509406308652.


So, we can now write the formula for the future value of the ordinary annuity in 15 years 
with the semi-annual deposits of $950 at the end of every 6 months with the found effective 
rate

    FV = {{{950*((1.01509406308652^(2*15)-1)/0.01509406308652)}}} = 35713.39  (rounded).


In 10 years after that the accumulated amount will be

    {{{35713.39*(1 + 0.01509406308652)^(2*10)}}} = 48189.99.


<U>ANSWER</U>.  In 10 years after the last deposit, the accumulated amount will be about 48190 dollars.
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Solved.