How much will deposits of $240 m a d e a t t h e e n d o f e a c h 6 m o n t h s a m o u n t t o a f t e r 7 y e a r s i f i n t e r e s t i s 7 T h e d e p o s i t s w i l l a m o u n t t o$ ?
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Answer

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Answer

Final Answer: The deposits will amount to $11109.75$

Steps

Step 1 ：Translate the given problem into the formula for the future value of an ordinary annuity: $F V = P * [(1 + r / n)^{(} n t) - 1] / (r / n)$

Step 2 ：Identify the values given in the problem: $P = 240$ , $r = 0.07$ , $n = 2$ , and $t = 14$

Step 3 ：Substitute the given values into the formula: $F V = 240 * [(1 + 0.07 / 2)^{(} 2 * 14) - 1] / (0.07 / 2)$

Step 4 ：Solve the equation to find the future value of the deposits

Step 5 ：Round the final answer to the nearest cent to get the final amount of the deposits

Step 6 ：Final Answer: The deposits will amount to $11109.75$