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Every 6 months, Reuben Lopez puts $420 into an account paying 10% compounded semiannually. Find the account balance after 15 years
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Every 6 months, Reuben Lopez puts $420 into an account paying 10% compounded semiannually.

Find the account balance after 15 years

User Nameless One
by
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1 Answer

5 votes
Use the formula of the future value of annuity ordinary
Fv=pmt [(1-r/k)^(kn)-1)÷(r/k)]
Fv=420×(((1+0.10÷2)^(2×15)−1)
÷(0.10÷2))=27,904.32

Hope it helps
User Izogfif
by
8.3k points
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