A deposit of $2,570 is placed into a retirement fund at the beginning of every 6 months for 14 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 thelast deposit?Round your answer to the nearest dollar.Provide your answer below:

Future value is the value of amount invested today at a future specified period and interest rate.

Answered: A deposit of $2,570 is placed into a…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 24P

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