Deposits of $97.00 are made at the end of every six months for 5.5 years. What will the deposits amount to if interest is 12% compounded semi-annually?
Added by Mary A.
Step 1
Therefore, over 5.5 years, there will be a total of 5.5 * 2 = 11 compounding periods. Show moreā¦
Show all steps
Your feedback will help us improve your experience
Nick Johnson and 52 other Principles of Accounting educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Recommended Videos
What is the present worth of ā±500 deposited at the end of every three months for 6 years if the interest rate is 12% compounded semi-annually?
Nick J.
What is the accumulated value of periodic deposits of $5,500 made into an investment fund at the beginning of every six months, for 5 years, if the interest rate is 4.50% compounded semi-annually?
Linda W.
A young executive deposits $300 at the end of each month for 8 years and then increases the deposits. If the account earns 6%, compounded monthly, how much (to the nearest dollar) should each new deposit be in order to have a total of $400,000 after 25 years?
Danielle F.
Recommended Textbooks
Horngrenās Cost Accounting
Cost Accounting A Managerial Emphasis
Principles of Accounting Volume 1: Financial Accounting
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD