# Statistics

posted by Carrie

Mary has a savings account and is earning 10% annual interest compounded semi-annually. If she deposits \$2,000 in the account every six months for three years, what will the future value of her account be? How much interest will she have earned?

1. Steve

so, at 5% per period, after 6 periods, the account will have

2000*1.05^6 + 2000*1.05^5 + ... + 2000
= 2000(1.05^7 - 1)/0.05 = 16284.02

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