Answer to Question #276754 in Financial Math for Guss

Question

How much will deposits of $35 made at the end of each month amount to after 10 years if interest is 6% compounded semi-annually?

Answer 1

$FV=pmt.\frac{(1+i)^n-1}{i}$

$=35*\frac{(1+\frac{0.06}{6})^{10*12}-1}{\frac{0.06}{6}}$

=$8051.354