Lee Holmes deposited $16,000 in a new savings account at 7% interest compounded semiannually. At the...
Lee Holmes deposited $16,000 in a new savings account at 7% interest compounded semiannually. At the beginning of year 4, Lee deposits an additional $41,000 at 7% interest compounded semiannually. At the end of 6 years, what is the balance in Lee’s account?
Homework Answers
| Annual rate of Interest = 7% | |||||
| Annual effective interest rate = (1.035)^2- 1 = 7.12% | |||||
| Amount deposited | 16000 | ||||
| Multiply: Annuity FVF at 7.12% for 6yrs | 1.510857 | ||||
| Amount at the end of 6th yr | 24173.71 | ||||
| Amount deposited | 41000 | ||||
| Multiply: Annuity FVF at 7.12% for 3 yrs | 1.229169 | ||||
| Amount at the end of 6th yr | 50395.93 | ||||
| balance at the end of 6th year | 74569.64 | ||||
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Lee Holmes deposited $16,000 in a new savings account at 7%
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Lee Holmes deposited $17,500 in a new savings account at 7% interest compounded semiannually. At the beginning of year 4, Lee deposits an additional $42,500 at 7% interest compounded semiannually. At the end of 6 years, what is the balance in Lee’s account? (Use the Table provided.)
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Lee Holmes deposited $15,500 in a new savings account at 10% interest compounded semiannually. At the beginning of year 4, Lee deposits an additional $40,500 at 10% interest compounded semiannually. At the end of 6 years, what is the balance in Lee's account? (Do not round intermediate calculations. Round your answer to the nearest cent.) & Answer is complete but not entirely correct. Balance $ 75,045.35
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Lee Holmes deposited $17.200 in a new savings account at 11% interest compounded semiannually. At the beginning of year Lee deposits an additional $42,200 at 11% Interest compounded semiannually. At the end of 6 years, what is the balance in Lee's account? (Do not round intermediate calculations. Round your answer to the nearest cent.)
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Lee Holmes deposited $17.200 in a new savings account at 11% interest compounded semiannually. At the beginning of year Lee deposits an additional $42,200 at 11% Interest compounded semiannually. At the end of 6 years, what is the balance in Lee's account? (Do not round intermediate calculations. Round your answer to the nearest cent.)
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