investment fund question - appl of GPs (1 Viewer)

[babysnow]

A person pays $2000 into an investment fund every six months, and it earns interest at a rate of 6%pa, compounded monthly. How much is the fund worth at the end of ten years?

Answer:$55 586.38

Any help would be appreciated!

 

[nonsenseTM]

I thnk there should be 20 terms with the first term being 2000*(1+0.005)^6 and last one being 2000*(1+0.005)^120

 

[babysnow]

Problem solved! Thank you very much!