The amount contributed by Ray to a IRA is semiannually.
Rate of interest is compunded semiannually.
Rate of interest per payment period is semiannually.
Find the amount after deposit.
Amount of an Annuity after deposits is
, where
is the deposit in dollars,
is the percent interest per payment period.
.
Value of IRA after deposit of Ray is
.
Value of IRA after deposit of Ray is
.