You are going to save money for your son’s education. You have decided to place $1,915 every half year at the end of the period into a saving account earning 5.95 percent per year, compounded semi-annually for the next 11 years. How much money will be in the account at the end of that time period?
Ans $ 58312.41
P = | Periodic payments |
r = | rate of interest |
n = | no of years |
Future Value of Annuity = | P ( (1 + r)n - 1 ) / r |
1915* ((1 + 5.95%/2)^22 - 1) / (5.95%/2) | |
58312.41 |
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