If you invest $7,300 at 7% compounded semi-annually for 3 years, what is the total value? answer

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25-12-2017
Mathematics

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If you invest $7,300 at 7% compounded semi-annually for 3 years, what is the total value? answer

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altavistard altavistard · Answer 1 · 2017-12-25T15:38:45+01:00

altavistard altavistard

25-12-2017

The appropriate formula for "compound amount" is

A = P(1 + r/n)^(nt). n is the # of compoundings per year (2). r is the interest rate as a decimal fraction. Thus,

A = $7300(1 + 0.07/2)^(2*3) = $8975.56 (answer)

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