Your bank account pays a nominal interest rate of $11\%,$ compounded semi$-$annually. Your plan is to deposit $$2,400$ in the account at the end of each of the next $10$ years. How much will you have in the account at the end of year $10,$ after making your final deposit? $($Hint: The annuity payments dont match compounding periods.

  

Answer rating: 100% (QA)

Youre right the deposit schedule yearly doesnt exactly match the compounding frequency semiannual To calculate the future value in this scenario we ca... View the full answer