Thursday

February 26, 2015

February 26, 2015

Posted by **Anonymous** on Thursday, June 10, 2010 at 10:13pm.

- Finance -
**Lynn**, Thursday, June 10, 2010 at 10:46pm10,000 a year is deposited with the deposits earning 20% a year...

But you do not state how many years the money is deposited?

- Finance -
**Reiny**, Thursday, June 10, 2010 at 11:18pmAs Lynn stated, you did not specify how many years.

For simplicity's sake, let's say they did this for 8 years

amount = 5000 [ (1+.05)^16 - 1 ]/.05

= 118287.46

notice I divided the rate by 2, since it is compounded semiannually, and doubled the years, because there are 16 half-years in 8 years

Whatever time you need, make the appropriate changes

**Answer this Question**

**Related Questions**

Finance - A 46-year-old man deposits a total of $2000 per period in an IRA until...

college math - An initial investment of $1000 is appreciated for 4 years in an ...

Economics - Ben deposits $5000 now into an account that earns 7.5 percent ...

Maths B - Kate is thinking about investing $45000 for 5 years. She deposits her ...

business - Susie has decided to make deposits at the end of each quarter in the ...

Finance - Assume that you are 23 years old and that you place $3,000 year-end ...

Math - The winner of a popular lottery is offered one of two options: i) a lump ...

Algebra - following the birth of his son, ben deposits $35,000 in a college ...

algebra - 1. Suppose Mary deposits $200 at the end of each month for 30 years ...

Business Math - Shelley Katz deposited $30,000 in a savings account at 5% ...