A deposit of $2,630 is placed into a retirement fund at the beginning of every 6 months for 11 years. The fund earns 3% annual interest, compounded biannually and paid at the end of the 6 months. How much is in the account right after the last deposit? Round your answer to the nearest dollar.

FV= $67,952.83

Step-by-step explanation:

Giving the following information:

Semiannual deposit= $2,630

Number of periods= 11*2= 22 - 1= 21

Interest rate= 0.03/2= 0.015

We need to determine the future value at the last deposit. We will use the following formula:

FV= {A*[(1+i)^n-1]}/i + {[A*(1+i)^n]-A}

A= semiannual deposit

FV= {2,630*[(1.015^21) - 1]} / 0.015 + {[2,630*(1.015^21)] - 2,630} + 2,630

FV= 64,357.47 + 965.36 + 2,630

FV= $67,952.83

answer: the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

the given rate of interest i= 85%

in calculating the monthly payment for a loan with an interest rate compounded monthly, the value of the interest rate per period we use in the formula must be in decimal form.

to convert it in decimal, we divide it by 100, we get

hence, the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

560

step-by-step explanation:

giggidy