A depositor opens a new savings account with $ 8000 at 8 % compounded semiannually. At the beginning of year 3, an additional $6000 is deposited. At the end of four years, what is the balance in the account?

Question

A depositor opens a new savings account with $ 8000 at 8 % compounded semiannually. At the beginning of year 3​, an additional ​$6000 is deposited. At the end of four ​years, what is the balance in the​ account?

Reiny · Answer

amount = 8000(1.04)^8 + 6000(1.04)^2 = ...

A depositor opens a new savings account with $ 8000 at 8 % compounded semiannually. At the beginning of year 3​, an additional ​$6000 is deposited. At the end of four ​years, what is the balance in the​ account?

A depositor opens a new savings account with $ 8000 at 8 % compounded semiannually. At the beginning of year 3, an additional $6000 is deposited. At the end of four years, what is the balance in the account?