Question

Shelley Katz deposited $30,000 in a savings account at 5% interest compounded semiannually. At the beginning of year 4, Shelley deposits an additional $80,000 at 5% interest compounded semiannually. At the end of 6 years, what is the balance in Shelley's account

Answer 1

make a "time graph" to see where the payments go, and the time needed to reach the end of 6 years

amount = 30000(1.025)^12 + 80000(1.025)^6
= ....

( I got $133122.14)

Answer 2

try $ 133,123.12