Asked by charlie
If you invest $1000 at 3% interest compounded semiannually. when will the investment be worth $1500 ?
1000(1 +.03/2)^q= 1500
not sure if this is right ?
thanks
1000(1 +.03/2)^q= 1500
not sure if this is right ?
thanks
Answers
Answered by
Reiny
correct, but remember that q will be half-years
so you will have to divide q by 2 to get the number of years
so you will have to divide q by 2 to get the number of years
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