SOLUTION: The principal is $2,200. at 12% compounded semi-annually for 2 years. Determine the amount at the end of 2 years.

SOLUTION: The principal is $2,200. at 12% compounded semi-annually for 2 years. Determine the amount at the end of 2 years.

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Question 138401: The principal is $2,200. at 12% compounded semi-annually for 2 years. Determine the amount at the end of 2 years.
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
THE FORMULA FOR THIS PROBLEM IS:
P(1+R/N)^A*N WHERE P=PRINCIPLE, R=ANNUAL RATE, N=NUMBER OF INTEREST PERIOD & A=THE NUMBER OF YEARS.
2,200(1+.12/2)^2*2
2,200(1+.06)^4
2,200(1.06)^4
2,200*1.26
$2,816 ANSWER FOR THE VALUE OF THE INVESTMENT AFTER 2 YEARS.
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