Sunday

February 1, 2015

February 1, 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**

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

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

Math - An initial investment of $1000 is appreciated for 8 years in an account ...

math - An initial investment of $1240 is appreciated for 17 years in an account ...

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

pre calc - An initial investment of $12,000 is appreciated for 5 years in an ...

Calculus - I am confused on how to solve this problem : $5000 is invested for 4 ...

Algebra - An initial investment of $480 is invested for 4 years in an account ...

Calc - A person deposits money into a retirement account, which pays 7% interest...

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