Asked by Sara
Find the amount of money in the account at the end.
$1000.00, 4 years,
7% compounded semi-annually
A=P(1+r/n)^nt
r=0.07, t=4, P=$1000.00, n=2
A=P(1+r/n)^nt
A=$1000.00(1+0.07/2)^2-4
A=$1000(1.035)^8
A=$1000(1.316809037)
A=$1,316.809037
My answer is: A=$1316.81 is this right?
$1000.00, 4 years,
7% compounded semi-annually
A=P(1+r/n)^nt
r=0.07, t=4, P=$1000.00, n=2
A=P(1+r/n)^nt
A=$1000.00(1+0.07/2)^2-4
A=$1000(1.035)^8
A=$1000(1.316809037)
A=$1,316.809037
My answer is: A=$1316.81 is this right?
Answers
Answered by
bobpursley
http://www.money-zine.com/Calculators/Retirement-Calculators/Compound-Interest-Calculator/
Yes.
Yes.