Mary decided to begin saving towards the purchase of a new car in 5 years. If Mary put $500 at the end of each of each 6-month period for 5 years and the account paid 6 percent compounded semiannually. How much will Mary accumulate after 5 years? Note: Mary is only making 10 payments, with first payment is six months from today and the interest is compounded semiannually.

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Mary decided to begin saving towards the purchase of a new car in 5
years. If Mary put $500 at the end of each of each 6-month period for
5 years and the account paid 6 percent compounded semiannually. How
much will Mary accumulate after 5 years? Note: Mary is only making 10
payments, with first payment is six months from today and the interest
is compounded semiannually.

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