Asked by will

How much would you need to deposit in an account now in order to have $5000 in the account in 13 years? Assume the account earns 9% interest compounded semi-annually. Round your answer to the nearest cent.

Answers

Answered by Damon
earns 4.5 % every 6 months or in other words 26 times
x * (1.045)^26 = 5,000
x = 5,000 / 3.14068 = 1,592.01
There are no AI answers yet. The ability to request AI answers is coming soon!

Related Questions