# Math

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How much must you deposit in an account
that pays 6% semi-annual interest, compounded annually, to have a balance of \$9000 in 15 years?
I'm stuck with this question, please explain the steps for the answer.

• backwards?? -

Are you sure it is not 6% annual compounded semi-annually ?

• Math -

No Idea, the question completely asks that. I was thinking about 12% annually compounded, but the answer I got was wrong due to Solve and Check.

• Math -

15 years is 30 periods each 3% or multiply by 1.03 every six months

9000 = d * 1.03^30
9000 = 2.427262471 d
d = \$ 3,707.88

• Math -

12% is way high and no one expresses compounding annually with semi annual interest rate. Typo in your book I suspect.

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