Question: DRAW OUT A DETAILED TIMELINE STEP BY STEP. (NO EXCEL) You plans to deposit your $2,000 semiannual bonus into an account bearing interest of 8%

DRAW OUT A DETAILED TIMELINE STEP BY STEP. (NO EXCEL)

You plans to deposit your $2,000 semiannual bonus into an account bearing interest of 8% compounded semiannually. After your 8th deposit, how much money will you have? You Answered 3,701.86 Correct Answers 18,428.45 (with margin: 5) Use the equation for the future value of an annuity: Sn =((1 + i)^n- 1)/ i R =[((1.04)^8-1)/.04 ]2,000 = $18,428.45

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