Don't let his monthly deposits confuse you.Matthew deposits $150 each month in his account for 10 years.
How much would he have after the 10-year period if the bank pays 6% p.a.
interest compounded on a half-yearly basis?
Since the bank looks at his account every six months,
. . it is as if he deposits: semi-annually.
The periodic interest rate is:
. .and there are: periods.
The final amount is: .