Lee Holmes deposited $15,300 in a new savings account at 8% interest compounded semiannually. At the beginning of year 4, Lee deposits an additional $40,300 at 8% interest compounded semiannually. At the end of 6 years, what is the balance in Lee’s account? (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 15E
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Lee Holmes deposited $15,300 in a new savings account at 8% interest compounded semiannually. At the beginning of year 4, Lee deposits an additional $40,300 at 8% interest compounded semiannually.

At the end of 6 years, what is the balance in Lee’s account? (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

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