Jim Moore opens a new savings account. He deposits $12,000 at 12% compounded semiannually. At the start of the fourth year, Jim deposits an additional $50,000 that is also compounded semiannually at 12%. At the end of six years, the balance in Jim Moore's account is
A) $66,081.20
B) $50,000.00
C) $16,081.20
D) $88,555.42
E) None of these

Question

Quizplus · Accepted Answer

The Answer of Jim Moore opens a new savings account. He deposits $12,000 at 12% compounded semiannually. At the start of the fourth year, Jim deposits an additional $50,000 that is also compounded semiannually at 12%. At the end of six years, the balance in Jim Moore's account is
A) $66,081.20
B) $50,000.00
C) $16,081.20
D) $88,555.42
E) None of these

Jim Moore Opens a New Savings Account