Question

Sam Monte deposits $21,500 into Legal Bank which pays 6 percent interest that is compounded semiannually. By using the table in the handbook, what will Sam have in his account at the end of 6 years?
Ms. Sue
What handbook???

The formula for compound interest is:

A = P(1 + r/n)^(nt), where A is the total amount, P is the principal, t is the time in years, r is the interest rate, and n is how many times a year it is compounded.

A = 21,500(1 + 0.06/2)^(2*6)

Solve from there.
He borrowed $500 for seven months and paid 53.96 in interest. what was the rate of interest?

Related Questions

Tammy Smith Deposits $5000.00 in First Internets Bank 5-year CD which pays 5.22% interest compounded... Solution needed . You need to have $50000 at the end of 10 years .To accumulate this sum, you have... First bank pays 7 percent simple interest on its investment accounts. If second bank pays interest o... Send deposits $3,500 into a new account at his bank the bank pays at 5.5% interest compounded annual...