math models
posted by jazmin .
Tanisha wants to have $1000 in her bank account in 5 years. How much money should she deposit if her account earns 6% interest which is compounded 2 times per year?

Sum = P(1+i)^n
where Sum = the accumulated sum
P = the amount deposited
i = the periodic decimal interest rate
n = the number of compounding periods
Therefore, Sum = 5000(1+.06/2)^(5x2)
Respond to this Question
Similar Questions

math
you deposit $ 900 in a savings account that earns 4%interest coumpounded once a year and has no service charges. you donot make any deposits or withdrawals to the account for two years. at the end of two years, after the second year's … 
Precalculus
NEED HELP ASAP PLEASE!! A savings account starts with $600 and pays 5% interest per year, compounded four times per year. a) A function that models the amount in dollars in the bank account after m years is A(m)=____________? 
math
a bank account earns 7% annual interest compounded continuously. you deposit $10,000 in the account, and withdraw money continuously from the account at a rate of $1000 per year. a. write the differential equation for the balance, … 
Alg2
Help....Help... Suppose you deposit a principal amount of p dollars in a bank account that pays compound interest. If the annual interest rate r (expressed as a decimal) and the bank makes interest payments n times every year, the … 
Alg 2
Suppose you deposit a principal amount of p dollars in a bank account that pays compound interest. If the annual interest rate r (expressed as a decimal) and the bank makes interest payments n times every year, the amount of money … 
maths
You deposit $1000 each year into an account earning 8% compounded annually. a. How much will you have in the account in 10 years? 
math
I have been staring at this problem forever, and cant seem to dig it up in my book. Please help! Two competing bank are trying to attract customers. (a) Ally Bank has an account which earns 25% interest every 10 years. Assuming the … 
Economics
Ben deposits $5000 now into an account that earns 7.5 percent interest compounded annually. He then deposits $1000 per year at the end of the first and second years. How much will the account contain 10 years after the initial deposit? 
differential equation
If P(t) is the amount of dollars in a savings bank account that pays a yearly interest rate of r% compounded continuously ,then dP/dt=(r/100)(P) , t in years . Assume the interest is 5% annually ,P(0)=$1000 ,and no monies are withdrawn … 
magh
suppose you put money into teo different bank accounts. In account #1 you deposit $500 and you will be earning 6% interest compounded quarterly. in account #2 you deposit $600 and you will be earning 5% interest compounded annually. …