Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If $1,200 is deposited every six months in an account that earns 2% compounded semi-annually, how many full deposits of semi-annual periods will it take

If $1,200 is deposited every six months in an account that earns 2% compounded semi-annually, how many full deposits of semi-annual periods will it take to reach $15,000.00? What is the amount of the smaller concluding deposit? It will take semi-annual periods of full deposits. The smaller concluding deposit is $ . (Round to 2 decimal places.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions