Shelley Katz deposited $30,000 in a savings account at 5% interest compounded semiannually. At the beginning of year 4, Shelley deposits an additional $80,000 at 5% interest compounded semiannually. At the end of 6 years, what is the balance in Shelley’s account? (Round your answer to the nearest cent.)
Shelley Katz deposited $30,000 in a savings account at 5% interest compounded semiannually. At the beginning of year 4, Shelley deposits an additional $80,000 at 5% interest compounded semiannually. At the end of 6 years, what is the balance in Shelley’s account? (Round your answer to the nearest cent.)
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 61P
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Shelley Katz deposited $30,000 in a savings account at 5% interest compounded semiannually. At the beginning of year 4, Shelley deposits an additional $80,000 at 5% interest compounded semiannually. At the end of 6 years, what is the balance in Shelley’s account? (Round your answer to the nearest cent.)
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