Question

If $5000 is deposited at the beginning of every six months into an account that earns 8% compounded semiannually find the amount after 10 years

Answer 1

Explanation:

This is a geometric sum

s=a(r^n-1)/(r-1), here a=5000, n=20, r=1.04

s=5000(1.04^20-1)/(0.04)

s=$148890.39