Given Information:
Years = t = 35
Semi-annual deposits = P = $2,000
Compounding semi-annually = n = 2
Interest rate = i = 6.5%
Required Information
Accumulated amount = A = ?
Answer:
Accumulated amount = $515,827
Step-by-step explanation:
The future value of amount earned over period of 35 years and interest rate 6.5% with semi-annual deposits is given by
FV = PMT * ((1 + i/n)^nt - 1)/(i/n))
Where
n = 2
i = 0.065
t = 35
FV = 2000*((1 + 0.065/2)^2*35 - 1)/(0.065/2))
FV = 2,000*(257.91)
FV ≈ $515,827
Therefore, Anthony will have an amount of $515,827 when he retires in 35 years.
Answer:
-3 1/5 < - 3 7/10
Step-by-step explanation:
Answer:
The LCD denominator is 1
Step-by-step explanation:
Answer:
2600 into the account earning 1% interest
2400 into the account earning 6% interest
Step-by-step explanation:
let x= account earning 1% interest
y= account earning 6% interest
we can write
x+y=5000 (equation 1)
.01x+.06y=170 (equation 2)
mulitply equation 1 by .01
.01x+.01y=50
subtract this from equation 2
(.01x+.06y)-(.01x+.01y)= 170-50
.05y= 120
y= 2400
Plug in y= 2400 into equation 1
x+2400=5000
x=2600