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mollymay125
20.09.2020 •
Business
with financial calculator You plan to make five deposits of $1,000 each, one every 6 months, with the first payment being made in 6 months. You will then make no more deposits. If the bank pays 4% nominal interest, compounded semiannually, how much will be in your account after 3 years? Round your answer to the nearest cent.
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Ответ:
FV= $6,308.12
Explanation:
Giving the following information:
Semiannual deposit= $1,000
Number of periods= 6
Interest rate= 4%= 0.04= 0.04/2= 0.02
To calculate the future value, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= semiannual deposit
FV= {1,000*[(1.02^6) - 1]} / 0.02
FV= $6,308.12
In a financial calculator:
Function: CMPD
Set: End
n= 6
i= 2
PV= 0
PMT= 1,000
FV= solve= 6,308.120963
Ответ:
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