You plan to make five deposits of $1,000 each, one every 6 months, with the first paymentbeing made in 6 months. You will then make no more deposits. If the bank pays6% nominal interest, compounded semiannually, how much will be in your accountafter 3 years?

You plan to make five deposits of $1,000 each, one every 6 months, with the first paymentbeing made in 6 months. You will then make no more deposits. If the bank pays6% nominal interest, compounded semiannually, how much will be in your accountafter 3 years?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 31P

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Question

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
6% nominal interest, compounded semiannually, how much will be in your account
after 3 years?

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