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You opened a savings account with your first deposit of $1,200 at the beginning of the first year. At the beginning of Year 2, 3,
You opened a savings account with your first deposit of $1,200 at the beginning of the first year. At the beginning of Year 2, 3, and 4 you plan to deposit $1,500. You plan to deposit $2,000 at the end of Year 5 and 6. The interest rate is a 6 percent nominal rate compounded semiannually. If you do as you plan, how much will you have in your account at the end of Year 7?
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