Math
posted by Kate .
Sam gets deposits a total of $3500 every three months to the bank which earns a 6.5% p/a. After five years how much will he have in his account?
Ren wants to buy a new car that costs $26255, so, he would deposit money into his savings account with an interest rate of 3.9% p/a compounded every 4 months, this has been going on for two years now. Determine Renâ€™s regular payment to the bank?

For Sam:
Use
F=R((1+i)^n1)/i
F=future value
R=payment per period, $3500
i=interest, 0.065/4=0.01625
n=number of periods, 5*4=20
F=$81936 approx.
For Ren
Use the same formula for Sam, except
F=26255, i=0.013, n=2*3=6,
Find R. I get approx. $4236.
Respond to this Question
Similar Questions

finite math
A young executive deposits $400 at the end of each month for 7 years and then increases the deposits. If the account earns 7.2%, compounded monthly, how much (to the nearest dollar) should each new deposit be in order to have a total … 
math
A young executive deposits $400 at the end of each month for 7 years and then increases the deposits. If the account earns 7.2%, compounded monthly, how much (to the nearest dollar) should each new deposit be in order to have a total … 
Math
The winner of a popular lottery is offered one of two options: i) a lump sum of $102 500 ii) $1000 every month for 10 years If the money can be invested at 3.0% p/a, compounded monthly, which option should the winner choose? 
Financial Math
A young executive deposits $400 at the end of each month for 9 years and then increases the deposits. If the account earns 6%, compounded monthly, how much (to the nearest dollar) should each new deposit be in order to have a total … 
Statistics
Mary has a savings account and is earning 10% annual interest compounded semiannually. If she deposits $2,000 in the account every six months for three years, what will the future value of her account be? 
math
henrietta deposits $3500 to start a new bank account. it earns a simple interest rate of 6.5% per year. henrietta makes no more to deposits to the account. how much interest will henrietta have earned after three years? 
math
lio bought a backpack for $39.95 and 2 belts for $17.99 each. The sales tax is 6.5%. How much did Julio spend for all the items, including tax? 
math
1.Julio bought a backpack for $39.95 and 2 belts for $17.99 each. The sales tax is 6.5%. How much did Julio spend for all the items, including tax? 
math
Rochelle deposits $350 in an account that earns 6% annual interest, compounded quarterly. How much money will be in the account in 8 years? 
math
Ben deposits $400 into an account that earns 5% interest compounded annually. Sam deposits the same amount into an account that earns 5% simple interest. Compare the account balances after 2 years.