Asked by Petra
At the age of 50 Sally invested $60,000 at 7% interest compounded semiannually. How much will she have at age 50
(60,000*(1+(0.07/2))^2-1)
(60,000*(1+(0.07/2))^2-1)
Answers
Answered by
Ms. Sue
Please proofread and post your correction.
Answered by
Petra
Sally is 25 years old and plans to retire at the age of 50. She invested an inheritance of $60,000 at a 7% interest compounded semiannually. How much will she have at age 50?
(60,000*(1+(0.07/2))^2-1)=
(60,000*(1+(0.07/2))^2-1)=
Answered by
Reiny
Your formula is a creative variation of the real one
amount = 60000( (1 + .07/2)^50 - 1)/(.07/2)
= 60000( 1.035^50 - 1)/.035
=
amount = 60000( (1 + .07/2)^50 - 1)/(.07/2)
= 60000( 1.035^50 - 1)/.035
=
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