Question

Beginning on April 1, 2013 and ending on October 1, 2017, semiannual deposits of $75 are...

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.

Homework Answers

Answer #1
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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