What is the accumulated value of periodic deposits of $4,500 made into an investment fund at the beginning of every six months, for 4 years, if the interest rate is 3.75% compounded semi-annually? Round to the nearest cent

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
ChapterP: Prologue: Calculator Arithmetic
Section: Chapter Questions
Problem 2TU: If the annual percentage rate is 8% and the interest is compounded monthly, what is the amount owed...
icon
Related questions
Question
What is the accumulated value of periodic deposits of $4,500 made into an investment
fund at the beginning of every six months, for 4 years, if the interest rate is 3.75%
compounded semi-annually?
Round to the nearest cent
Transcribed Image Text:What is the accumulated value of periodic deposits of $4,500 made into an investment fund at the beginning of every six months, for 4 years, if the interest rate is 3.75% compounded semi-annually? Round to the nearest cent
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Recommended textbooks for you
Functions and Change: A Modeling Approach to Coll…
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning