Moxie Fox deposited $30,000 in a savings account at 6% interest compounded semiannually. At the beginning of year 4, Moxie deposits an additional $60,000 at 6% interest compounded semiannually. At the end of six years, what is the balance in Moxie's account?

Question

Quizplus · Accepted Answer

3% 6 periods $30,000 × 1.1941 = $35,823.00 + $60,000 = $95,823
$95,000 × 1.1941 = $114,422.24.

Moxie Fox Deposited $30,000 in a Savings Account at 6