Beginning on April 1, 2013 and ending on October 1, 2017, semiannual deposits of $75 are made into an account which earned 7.6% compounded semiannually. Determine the balance on October 1, 2107.
Deposit | Interest | Balance |
75 | 75 | |
150 | 9.63 | 234.63 |
150 | 21.99 | 406.61 |
150 | 35.31 | 591.92 |
150 | 49.66 | 791.58 |
675 | 116.58 | 791.58 |
If you start with $75.00 in an account earning a 7.6% interest rate, compounded Semi-annually, and make 75.00 deposits on a Semi-Annual basis, after 4 Years your savings account will have grown to 791.58 of which 675.00 is the total of your deposits, and 116.58 is the total interest earnings.
Formula: A=P(1+r/n)^nt (^ to the power off not)
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