HW 2C

Question 3

This set of problems is designed to be calculated using the Excel or financial calculator. You can also use algebraic formulas. Do not use financial tables to calculate these problems.

You placed $2,710 in a savings account today that earns an annual interest rate of 6.08 percent, compounded semiannually. How much will you have in this account at the end of 22 years? Assume that all interest received at the end of the period is reinvested the next period.

Round the answer to two decimal places.

Thank you,

Ed