Homework Help: Business Math

Posted by Michelle on Wednesday, May 16, 2012 at 2:34pm.

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 - Reiny, Wednesday, May 16, 2012 at 4:36pm
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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