Asked by nichole
if john has a balance of 2195. after 3 years what will be the amount of the interest at 8%. compounded semiannually
Answers
Answered by
Henry
Pt = Po(1+r)^n,
r = APR/2 = 8% / 2 = 4% = .04.
n = 2 comp/yr * 3yrs = 6 comp. periods.
Pt = 2195(1.04)^6 = $2777.38.
Int. = 2777.38 - 2195 = $552.38.
r = APR/2 = 8% / 2 = 4% = .04.
n = 2 comp/yr * 3yrs = 6 comp. periods.
Pt = 2195(1.04)^6 = $2777.38.
Int. = 2777.38 - 2195 = $552.38.
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.