Statistics

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?

asked by Carrie
  1. 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

    posted by Steve

Respond to this Question

First Name

Your Response

Similar Questions

  1. 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
  2. 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
  3. 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
  4. Pre-Algebra can you please help?!

    Lester deposited $400 into a savings account earning 4.5% simple interest, and $450 into an investment account earning 3.2% interest compounded annually. What was the total interest he earned in 3 years? A $986.00 B $89.06 C $9.60
  5. Can you help me with this math problem? ASAP plz!

    Lester deposited $400 into a savings account earning 4.5% simple interest, and $450 into an investment account earning 3.2% interest compounded annually. What was the total interest he earned in 3 years? A $986.00 B $89.06 C $9.60
  6. MATH

    How much should Jessica have in a savings account that is earning 3.50% compounded semi-annually, if she plans to withdraw $2,150 from this account at the end of every six months for 10 years?
  7. math

    Investor A deposits 1,000 into an account that earns an interest rate of 6% per annum compounded semi-annually. On the same date, Investor B deposits 800 into an account that earns an interest rate of 8% per annum compounded
  8. Algebraic inequalities

    Julie earned a $1500 bonus at work for doing a good job. She placed part of the money in a regular savings account earning 2.5% annual interest. She placed the remaining amount in a money market account earning 5% interest
  9. Algebraic inequalities

    Julie earned a $1500 bonus at work for doing a good job. She placed part of the money in a regular savings account earning 2.5% annual interest. She placed the remaining amount in a money market account earning 5% interest
  10. 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? Mary and Joe would like to save up

More Similar Questions