Claude made semi-annual deposits of $2200 at the beginning of every six-month period into a fund earning 10.6% compounded semi-annually for six years. No further deposits were made.
(a) How much will be in the account ten years after the first deposit?
(b) How much in total was deposited?
(c) How much interest will have been earned?

Question

25-06-2024
Business

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Claude made semi-annual deposits of $2200 at the beginning of every six-month period into a fund earning 10.6% compounded semi-annually for six years. No further deposits were made.
(a) How much will be in the account ten years after the first deposit?
(b) How much in total was deposited?
(c) How much interest will have been earned?

Sagot :

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