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math

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If $3000 is deposited at the end of each half year in an account that earns 6.2% compounded semiannually, how long will it be before the account contains $130,000?

  • math - ,

    and what is your thinking?

  • math - ,

    3000(1.031^n - 1)/.031 = 130000
    1.031^n - 1 = 1.3743333
    1.031^n = 2.3743333
    n log 1.031 = log 2.3743333
    n = 28.32 half-years or appr. 14 years

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