Purchase Solution

Compound interest

Not what you're looking for?

Ask Custom Question

I need help trying to figure out which formula to use to get $10,078.44


Mr Jones wants to save for his son's college education. If he deposits $500 every 6 months at 6% compounded semiannually, how much will he have on hand at the end of 8 years?

Purchase this Solution

Solution Summary

This shows the future value of an account.

Solution Preview

There are 8*2=16 number of 6 months in 8 years. The money is compounded semiannually at the rate 6%.
After first 6 months, Mr Jones deposits $500 ...

Purchase this Solution

Free BrainMass Quizzes
Production and cost theory

Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.

Writing Business Plans

This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.

Social Media: Pinterest

This quiz introduces basic concepts of Pinterest social media

Employee Orientation

Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.