A depositor opens a new savings account with $5000 at 8% compounded semiannually. At the beginning of year 5, an additional $3000 is deposited. At the end of six years, what is the balance in the account?i Click the icon to view some finance formulas.The balance in the account at the end of 6 years is $(Do not round until the final answer. Then round to the nearest cent as needed.)

A depositor opens a new savings account with $5000 at 8% compounded semiannually. At the beginning of year 5, an additional $3000 is deposited. At the end of six years, what is the balance in the account? A Click the icon to view some finance formulas. The balance in the account at the end of 6 years is $. (Do not round until the final answer. Then round to the nearest cent as needed.)

A depositor opens a new savings account with $5000 at 8% compounded semiannually. At the beginning of year 5, an additional $3000 is deposited. At the end of six years, what is the balance in the account? A Click the icon to view some finance formulas. The balance in the account at the end of 6 years is $. (Do not round until the final answer. Then round to the nearest cent as needed.)

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.4: Series And Their Notations

Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...

See similar textbooks