At the age of 50 Sally invested $60,000 at 7% interest compounded semiannually. How much will she have at age 50
(60,000*(1+(0.07/2))^2-1)
3 answers
Please proofread and post your correction.
Sally is 25 years old and plans to retire at the age of 50. She invested an inheritance of $60,000 at a 7% interest compounded semiannually. How much will she have at age 50?
(60,000*(1+(0.07/2))^2-1)=
(60,000*(1+(0.07/2))^2-1)=
Your formula is a creative variation of the real one
amount = 60000( (1 + .07/2)^50 - 1)/(.07/2)
= 60000( 1.035^50 - 1)/.035
=
amount = 60000( (1 + .07/2)^50 - 1)/(.07/2)
= 60000( 1.035^50 - 1)/.035
=
1 answer