A deposit of $2,630 is placed into a retirement fund at the beginning of every 6 months for 11 years. The fund earns 3% annual interest, compounded biannually and paid at the end of the 6 months. How much is in the account right after the last deposit? Round your answer to the nearest dollar.

FV = $67,952.83

Step-by-step explanation:

Giving the following information:

Semiannual deposit = $2,630

Number of periods = 11*2 = 22 - 1 = 21

Interest rate = 0.03/2 = 0.015

We need to determine the future value at the last deposit. We will use the following formula:

FV = {A*[ (1+i) ^n-1]}/i + {[A * (1+i) ^n]-A}

A = semiannual deposit

FV = {2,630*[ (1.015^21) - 1]} / 0.015 + {[2,630 * (1.015^21) ] - 2,630} + 2,630

FV = 64,357.47 + 965.36 + 2,630

FV = $67,952.83