Alphonse deposited the same amount of money every six months for 4.5 years in a savings account
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Question:
Alphonse deposited the same amount of money every six months for 4.5 years in a savings account that earned 2.9% interest, compounded semi-annually. He ended up with $12000.
NOTE: state the formula used.
(a) What regular payments must Alphonse make at the end of each 6-month period to meet his goal of $12000?
(b) What interest will he earn?
Related Book For
Engineering Economic Analysis
ISBN: 9780195168075
9th Edition
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
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