ENGINEERING ECONOMY. plz help me out?

At time=0, Michael deposited $10,000 into an account that pay interest at 8% per year, compounded semiannually. If he withdrew $2000 in months 3, 7, and 20, what was the total value of the account at the end of 2 years? Assume no interperiod compounding|||Hello,





Just walk it through step by step.





At t = 3 months, $2,000 is withdrawn


Balance = $10,000 - $2,000 = $8,000





At t = 6 months, Interest is added of 4%


Balance = (0.04 * $8,000) + $8,000 = $8,320





At t = 7 months, $2,000 is withdrawn


Balance = $8,320 - $2,000 = $6,320





At t = 12 months, Interest is added of 4%


Balance = (0.04 * $6,320) + $6,320 = $6,572.80





At t = 18 months, Interest is added of 4%


Balance = (0.04 * $6,572.80) + $6,572.80 = $6,835.712





At t = 20 months, $2,000 is withdrawn


Balance = $6,835.712 - $2,000 = $4,835.712





At t = 24 months, Interest is added of 4%


Balance = (0.04 * $4,835.712) + $4,835.712 = $4,029.14





Good Luck