Statistics
posted by Carrie
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? How much interest will she have earned?

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
Respond to this Question
Similar Questions

Personal Finance
Mary just deposited $33,000 in an account paying 7% interest. She plans to leave the money in this account for eight years. How much will she have in the account at the end of the seventh year? 
value of money
Deposits of $1,000, $1,100 and $680 were made into a savings account, the first two years ago, the second 18 months ago, the third 6 months ago. How much is in the account now if the interest on all deposits is 12% compounded semiannually? 
math
Deposits of $1,000, $1,100 and $680 were made into a savings account, the first two years ago, the second 18 months ago, the third 6 months ago. How much is in the account now if the interest on all deposits is 12% compounded semiannually? 
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 Assume the interest is 5% annually ,P(0)=$1000 ,and no monies are withdrawn … 
math
Huan deposited $850 into a collegesavings account earning 4.8% interestcompounded annually. He also deposited$850 into a second account earning 4.8%simple interest. He made no additionaldeposits. After 10 years, which account earnedmore … 
MATH HELP! Complex Interest
Huan deposited $850 into a collegesavings account earning 4.8% interestcompounded annually. He also deposited$850 into a second account earning 4.8%simple interest. He made no additionaldeposits. After 10 years, which account earnedmore … 
Lat math question for some days. Can y'all help?
Huan deposited $850 into a college savings account earning 4.8% interest compounded annually. He also deposited $850 into a second account earning 4.8% simple interest. He made no additional deposits. After 10 years, which account … 
MATH
How much should Jessica have in a savings account that is earning 3.50% compounded semiannually, if she plans to withdraw $2,150 from this account at the end of every six months for 10 years? 
math
Karen opens a savings account with $1500. She deposits $100 every month into the account that has a 0.85% interest rate, compounded annually. If she doesnâ€™t withdraw any money, what will the account balance be in 10 years? 
Math
Roman saves $500 each year in an account earning interest at an annual rate of 4% compounded annually. How much interest will the account earn at the END OF THE FIRST THREE YEARS?