To determine To calculate: Final amount in the account. Explanation Given: Amount deposited is $3,200, the term of annuity is 3.5 years, and interest earned semiannually is 6.8%. Formula used: S = R [ ( 1 + i ) n − 1 i ] Calculation: The amount earned can be calculated by using the formula: S = R [ ( 1 + i ) n − 1 i ] where S is the future value or final amount earned on annuity, R is the payment at the end of each year, i is the interest rate per year, and n is the number of years. Here, interest earned is semiannual. So, divide interest rate by 2 and multiplying the number of years by 2. R = $ 3 , 200 , i = 0.068 2 and n = 3.5 × 2 By using above formula: S = R [ ( 1 + i ) n − 1 i ] = $ 3 , 200 [ ( 1 +

Mathematics With Applications, Loose-leaf Edition Plus Mylab Math With Pearson Etext -- 18-week Access Card Package (12th Edition)

12th Edition

ISBN: 9780135998304

Author: Margaret L. Lial, Tom Hungerford, John P. Holcomb, Bernadette Mullins

Publisher: PEARSON

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Chapter 5, Problem 67RE

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To calculate: Final amount in the account.

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