To determine To calculate: The amount earned in the account in five years. Explanation Given: a) The amount deposited at the beginning of each 6-month period is $800, the term of annuity is 5 years, interest earned semiannually is 6%. b) Amount deposited at the end of each 6-month period is $800, the term of annuity is 5 years, interest earned semiannually is 6%. Formula Used: The amount earned can be calculated by using the formula S = R [ ( 1 + i ) n + 1 − 1 i ] − R S is the future value or total amount earned on annuity, R is the payment at the beginning of each year, i is the interest rate per year, n is the number of years. The amount earned can be calculated by using the formula S = R [ ( 1 + i ) n − 1 i ] S is the future value or total amount earned on annuity, R is the payment at the end of each year, i is the interest rate per year, n is the number of years. Calculation: a) Here, Interest earned on the amount is semiannual. So, divide interest by 2 and multiply the number of years by 2. R = $ 800 , i = 0.06 2 , and n = 5 × 2 By using above formula, S = R [ ( 1 + i ) n + 1 − 1 i ] − R = $ 800 [ ( 1 + .06 2 ) 10 + 1 − 1 .06 2 ] − $ 800 = $ 800 [ ( 1.03 ) 11 − 1 .03 ] − $ 800 = $ 800 [ 1.38423 − 1 .03 ] − $ 800 Simplifying it further, S = $ 800 [ 0

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Chapter 5.3, Problem 6CP

To determine

To calculate: The amount earned in the account in five years.

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Chapter 5.3, Problem 5CP

Chapter 5.3, Problem 1E

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