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It is now January 1, 2001. You plan to make only 5 deposits of $500 each,...

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Accounting

It is now January 1, 2001. You plan to make only 5 deposits of$500 each, one every 6 months, with the first payment being madetoday. If the bank pays a nominal interest rate of 10%, but usessemiannual compounding, how much will be in your account after 5years?

Answer & Explanation Solved by verified expert
4.4 Ratings (699 Votes)
Compounding frequency 2 As the compounding will be done semi annually ie two times a year So Rate of interest used 102 5 Balance where    See Answer
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