Claude made semi-annual deposits of $3400 at the beginning of every six-month period into a fund...

Transcribed Image Text:

Claude made semi-annual deposits of $3400 at the beginning of every six-month period into a fund earning 11% compounded semi-annually for five years. No further deposits were made. (a) How much will be in the account eleven years after the first deposit? (b) How much in total was deposited? (c) How much interest will have been earned? a) The balance in the account eleven years after the first deposit will be $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) b) The amount deposited was $ in total. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) c) Claude will have earned $ in interest. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Claude made semi-annual deposits of $3400 at the beginning of every six-month period into a fund earning 11% compounded semi-annually for five years. No further deposits were made. (a) How much will be in the account eleven years after the first deposit? (b) How much in total was deposited? (c) How much interest will have been earned? a) The balance in the account eleven years after the first deposit will be $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) b) The amount deposited was $ in total. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) c) Claude will have earned $ in interest. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Answer rating: 100% (QA)

a Balance in account155 3400 ... View the full answer