Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ron has made deposits of $206.00 into his savings account at the end of every month for 18 years. If interest is 10% per annum

Ron has made deposits of $206.00 into his savings account at the end of every month for 18 years. If interest is 10% per annum compounded semi-annually and he leaves the accumulated balance for another 2 years, what would be the balance in his account then?

The balance in his account would be $____. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Analysis For Financial Management

Authors: Robert Higgins

7th Edition

0072863641, 9780072863642

More Books

Students also viewed these Finance questions