Jim Moore opens a new savings account. He deposits $12,000 at 12% compounded semiannually. At the start of the fourth year, Jim

Question

3 years ago

11

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
HELP!!!!

Mathematics

1 answer:

kupik [55] · Answer 1 · 2022-06-24T11:21:22+03:00

kupik [55]3 years ago

4 0

<span>It is 12000 x (1.06)^12 + 50000 x (1.06)^6 = 95,072.31 start of 4th year to end of 6th year = 6 semi-annual periods where interest is compounded for the second deposit</span>