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March 28, 2017

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Shelley Katz deposited $30,000 in a savings account at 5% interest compounded semiannually. At the beginning of year 4, Shelley deposits an additional $80,000 at 5% interest compounded semiannually. At the end of 6 years, what is the balance in Shelley's account

  • Business Math - ,

    make a "time graph" to see where the payments go, and the time needed to reach the end of 6 years

    amount = 30000(1.025)^12 + 80000(1.025)^6
    = ....

    ( I got $133122.14)

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