Asked by Lula
Romy invested $5,000 into an account that pays 5% compound semi-annually. He intended to keep the account untouched for five years. However, after three years he had to withdraw $3,000. Find the amount left in the account five years from the time he made his investment.
Answers
Answered by
MsPi_3.14159265
So you have the three years + what is left at the two years
A=p(1+i)^n for the first three years BUT the rate was given for 5 years
A=5000(1 +.05/2)^3x2
A=5000(1.025)^6
A=5000(1.159693418)
A=5798.85 after the three years...
Then he took out 3000 so the new Principal is 2798.47
using A=p(1+i)^n
You figure out the next 2 years :)
A=p(1+i)^n for the first three years BUT the rate was given for 5 years
A=5000(1 +.05/2)^3x2
A=5000(1.025)^6
A=5000(1.159693418)
A=5798.85 after the three years...
Then he took out 3000 so the new Principal is 2798.47
using A=p(1+i)^n
You figure out the next 2 years :)
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.