Math

please check my answer thanks :)

How much money must be deposited now, at 6% interest compounded semiannually to yield an annuity payment of $4,000 at tha beginning of each six-month period,for a total of five years? Round your answer to the nearest cent.

A. $38,120.80
B. $35,144.44
C. $29,440.36

My answer is D

  1. 👍
  2. 👎
  3. 👁
  1. You say your answer is D, but don't show a "D"

    If you did
    Present Value = 4000(1 - 1.03^(-10)/.03
    = 34120.81

    then you were correct.

    1. 👍
    2. 👎
  2. I mean I got $29,440.36

    The only choice I have are $38,120.80
    35,144.44 0r $29,440.36

    1. 👍
    2. 👎
  3. How much money must be deposited now, at 6% interest compounded semiannually to yield an annuity payment of $4,000 at tha beginning of each six-month period,for a total of five years? Round your answer to the nearest cent.

    A. $38,120.80
    B. $35,144.44
    C. $29,440.36

    My answer is D

    Not knowing what D is, it is difficult to assess whether you are correct or not.

    Since the payments are made at the "beginning" of each 6 month period, the formula must be adjusted to
    P = R + R[1 - (1+i)^n] where i = .o6/2 = .03 and n = 1 period less than 5(2) = 9.

    Therefore, P = 4000 + 4000[1-(1.03)^-9]/i = $35,144.44 making B your correct choice.

    1. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. Algebra

    Find the final amount of money in an account if $2,600 is deposited at 4% interest compounded annually and the money is left for 7 years.

  2. Math

    Find the final amount of money in an account if $7,500 is deposited at 7 % interest compounded semi-annually and the money is left for 5 years. The final amount is $ Answer pls

  3. Math

    Find the final amount of money in an account if $3,300 is deposited at 6% interest compounded quarterly (every 3 months) and the money is left for 8 years. The final amount is $ Round answer to 2 decimal places Answer plsss!

  4. Math

    Find the final amount of money in an account if $2,600 is deposited at 5% interest compounded annually and the money is left for 9 years. The final amount is $ Round answer to 2 decimal places

  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. Mathematics

    Find the final amount of money in an account if $9,300 is deposited at 5% interest compounded semi-annually and the money is left for 10 years. The final amount is $ Round answer to 2 decimal places Answer pls!!

  3. math

    Vanessa deposited money into a bank account that earned 1.25% simple interest each year. After 1/2 year, she had earned $5.00 in interest on the account. If no other money was deposited into or withdrawn from the account, how much

  4. Algebra( check my answers)

    1. Juan deposited $200 in a savings account earning 3% interest over 2 years. What was the total amount of interest earned after 2 years? $12 $24 $120 ( my answer) $240 2. Mary borrowed $11,000 at 5% interest for 4 years. What was

  1. Math

    Brody deposited $500 into an account that earns 4.2% interest compounded annually. He makes no additional deposits and no withdrawals. Approximately how much interest will the account have earned after 7 years? A $167 B $420 C

  2. Math Pre Algebra

    Find the simple interest. $900 deposited at an interest rate of 3% for 5 years. $1,348 deposited at an interest rate of 2.5% for 18 months.

  3. Math

    Find the final amount of money in an account if $2,600 is deposited at 5% interest compounded annually and the money is left for 9 years. The final amount is $ Incorrect. Round answer to 2 decimal places What’s the answerrr?

  4. matth

    A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have $42,000 when the child reaches the age of 18? Assume the money earns 7%

You can view more similar questions or ask a new question.