Question
Asked Oct 24, 2019
Roger Smith opened a new savings account. He
deposited $35,000 at 6% compounded semiannually. At
the start of the fourth year, Roger deposits an additional
$40,000 that is also compounded semiannually at 6%
At the end of 6 years, what is the balance in Roger
Smith's account?
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Roger Smith opened a new savings account. He deposited $35,000 at 6% compounded semiannually. At the start of the fourth year, Roger deposits an additional $40,000 that is also compounded semiannually at 6% At the end of 6 years, what is the balance in Roger Smith's account?

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Step 1

To calculate the net amount under the given conditions

Step 2

Formula for the amount resultin...

A P(1+)
P prinicipal, (initial deposit)
r interest rate,(in %)
n= number of times compounded in a year
t = number of years
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A P(1+) P prinicipal, (initial deposit) r interest rate,(in %) n= number of times compounded in a year t = number of years

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