math
posted by yeah .
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?

and what is your thinking?

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
Respond to this Question
Similar Questions

math
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 
Math
Lee Holmes deposited $16,600 in a new savings account at 9% interest compounded semiannually. At the beginning of year 4, Lee deposits an additional $41,600 at 9% interest compounded semiannually. At the end of year 6, what is the … 
Math
Lee Holmes deposited $15,000 in a new savings account at 9% interest compounded semiannually. At the beginning of year 4, Lee deposits an additional $40,000 at 9% intrest compounded semiannually. At the end of 6 years, what is the … 
MATH HOMEWORK HELP PLEASE ANSWER
Lee Holmes deposited $15,000 in a new savings account at 9% interest compounded semiannually. At the beginning of year 4, Lee deposits an additional $40,000 at 9% intrest compounded semiannually. At the end of 6 years, what is the … 
math
Jacob Fonda deposited $25,000 in a savings account at 10% interest compounded semiannually. At the beginning of Year 4, Jacob deposits an additional $40,000 at 10% interest compounded semiannually. At the end of six years, what is … 
math
Jane needs $30,000 to buy another car in eight years. How much should she deposit at the end of each half year into an account that earns 6% interest compounded semiannually? 
Business Math
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 … 
math
Jacob Fonda deposited $25,000 in a savings account at 10% interest compounded semiannually. At the beginning of Year 4, Jacob deposits an additional $40,000 at 10% interest compounded semiannually. At the end of six years, what is … 
Business Math
Lee Holmes deposited $ 15,000 in a new savings account at 9% interest compounded semiannually, At the beginning of year 4, Lee deposites an additional $40000 at 9% interest compounded semiannually. At the end of the 6 years what is … 
Business Math
If $4000 is deposited at the end of each year in an account that earns 6.2% compounded semiannually, how long will it be before the account contains $120,000?