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?© BrainMass Inc. brainmass.com March 4, 2021, 5:39 pm ad1c9bdddf
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 ...
This shows the future value of an account.