Posted by yeah on Saturday, April 30, 2011 at 1:47pm.
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  bobpursley, Saturday, April 30, 2011 at 1:48pm
and what is your thinking?

math  Reiny, Saturday, April 30, 2011 at 1:54pm
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 halfyears or appr. 14 years