Posted by **Diane** on Tuesday, August 2, 2011 at 3:14pm.

If you deposit $900 semiannually in a bank which pays 6% interest compounded semiannually and make no more deposits after 7 years, what is the balance in the account 8 yrs. later from the last deposit?

- Math -
**Reiny**, Tuesday, August 2, 2011 at 4:25pm
will assume you are making 14 deposits, the first one 6 months from now, and then leave the balance alone for another year.

Amount at the last deposit

= 900[ 1.03^14 - 1]/.03 = 15377.69

Value at the end of 8 years = 15377.69(1.03)^2 = 16314.19

## Answer this Question

## Related Questions

- Math - Roiger made deposits of $900 semiannually to the bank, which pays 6% ...
- FINANCE - You deposit $2,000 in an account that pays 8% interest compounded ...
- math - Jacob Fonda deposited $25,000 in a savings account at 10% interest ...
- Business Math - Shelley Katz deposited $30,000 in a savings account at 5% ...
- math - Jacob Fonda deposited $25,000 in a savings account at 10% interest ...
- business math - roger fox made deposits of $ 900 semiannualy to Reel Bank which ...
- Finance - You deposit $1000 in an account that pays 8% interest compounded ...
- Finance - Bob Bryan made deposits of $10,000 at the end of each quarter to Lion ...
- Math - Lee Holmes deposited $15,000 in a new savings account at 9% interest ...
- MATH HOMEWORK HELP PLEASE ANSWER - Lee Holmes deposited $15,000 in a new savings...

More Related Questions