Roger Smith opened a new savings account. Hedeposited $35,000 at 6% compounded semiannually. Atthe start of the fourth year, Roger deposits an additional$40,000 that is also compounded semiannually at 6%At the end of 6 years, what is the balance in RogerSmith's account?

To calculate the net amount under the given conditions

Answered: Roger Smith opened a new savings…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Similar questions

To help pay for college expenses, Julie Davis borrowed $10,000 at 7% interest compounded semiannually for 8 years. How much will she owe at the end of the 8-year period?
Similar shapes
huy wants to purchase a lakeside condo in Cuba, Missouri, 20 years. Huy will invest in a mutual fund earning 8% compounded semiannually. How much he need to deposit today in that fund to purchase his $100,000 lakeside condo?
Jason thinks he can save enough to deposit P1,200 in the bank at the end of each year for the next 30 years. How much will he have if the bank pays 6% interest, compounded annually?
You deposited $900 into a savings account paying 2% compounded quarterly. Two years later, you deposited $400 into the same account. One year after that, you withdrew $200. How much money was in the account after another 3 years?
As a savings plan for college, when their son Bob was born, the Wilburs deposited $10,000 in an account paying 6% compounded annually. How much will the account be worth (in $) when Bob is 18 years old?
A father puts Php550,000 in a savings account at a birth of his son, If the account pays 2.5% compounded semi-annually, how much will the account contain when his son turns 18 years old? O Php305,167.50 O Php301,101.69 O Php638,800. 10 O Php860,169.10
Cathy makes a single deposit into an account earning 2.5% compounded monthly. After five years the account contains $3057.46.how much did she deposit?
Matthew deposited $1,300 at the end of every month into an RRSP for 8 years. The interest rate earned was 3.75% compounded semi-annually for the first 3 years and changed to 4.00% compounded monthly for the next 5 years. What was the accumulated value of the RRSP at the end of 8 years? Round to the nearest cent
At the beginning of every three months, a college student deposits #3,000 in a fund that gives 2% compounded quarterly. If he intends to use this money for his graduation, how much money does he have in 42 months? #Blank 1
Noman would like to have $50,000 in 16 years to give to his son to help pay forhis university education. His local bank has an account that pays 3.55% per year compoundedsemiannually. How much must Noman deposit today in this account to have the desired funds in16 years?
After making the thirtieth payment of $582.48 on your car loan, you wanted to find out how much is left of your original 5 years loan at 7.6% compounded monthly of $29,000.00. What is the amount of the remaining balance of your car loan?The remaining balance of your car loan would be $. (Round to 2 decimal places.)

SEE MORE QUESTIONS

Recommended textbooks for you

Advanced Engineering Mathematics

Advanced Math

ISBN:

9780470458365

Author:

Erwin Kreyszig

Publisher:

Wiley, John & Sons, Incorporated

Numerical Methods for Engineers

Advanced Math

ISBN:

9780073397924

Author:

Steven C. Chapra Dr., Raymond P. Canale

Publisher:

McGraw-Hill Education

Introductory Mathematics for Engineering Applicat…

Advanced Math

ISBN:

9781118141809

Author:

Nathan Klingbeil

Publisher:

WILEY

Advanced Engineering Mathematics

Advanced Math

ISBN:

9780470458365

Author:

Erwin Kreyszig

Publisher:

Wiley, John & Sons, Incorporated

Numerical Methods for Engineers

Advanced Math

ISBN:

9780073397924

Author:

Steven C. Chapra Dr., Raymond P. Canale

Publisher:

McGraw-Hill Education

Introductory Mathematics for Engineering Applicat…

Advanced Math

ISBN:

9781118141809

Author:

Nathan Klingbeil

Publisher:

WILEY

Mathematics For Machine Technology

Advanced Math

ISBN:

9781337798310

Author:

Peterson, John.

Publisher:

Cengage Learning,

Basic Technical Mathematics

Advanced Math

ISBN:

9780134437705

Author:

Washington

Publisher:

PEARSON

Topology

Advanced Math

ISBN:

9780134689517

Author:

Munkres, James R.

Publisher:

Pearson,

SEE MORE TEXTBOOKS

Roger Smith opened a new savings account. He deposited $35,000 at 6% compounded semiannually. At the start of the fourth year, Roger deposits an additional $40,000 that is also compounded semiannually at 6% At the end of 6 years, what is the balance in Roger Smith's account?