Question

Jim Moore opens a new savings account. He deposits $12,000 at 12% compounded semiannually. At the start of the fourth year, Jim deposits an additional $50,000 that is also compounded semiannually at 12%. At the end of six years, the balance in Jim Moore's account is

Answer 1

12,000×(1+0.12÷2)^(2×6)+50,000×(1+0.12÷2)^(2×2)=87,270.21