SOLUTION: How much money will there be in the account after the given number of years for the following: P= $3000, R= 5% COMPOUNDED SEMIANNUALLY,t=5 years

Question 316657: How much money will there be in the account after the given number of years for the following: P= $3000, R= 5% COMPOUNDED SEMIANNUALLY,t=5 years
Found 2 solutions by stanbon, nerdybill:
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
How much money will there be in the account after the given number of years for the following: P= $3000, R= 5% COMPOUNDED SEMIANNUALLY,t=5 years
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A(t) = P(1+(r/n))^(nt)
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A(5) = 3000*(1+(0.05/2))^(2*5)
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A(5) = $3840.25
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Cheers,
Stan H.
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Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
How much money will there be in the account after the given number of years for the following: P= $3000, R= 5% COMPOUNDED SEMIANNUALLY,t=5 years
.
Compound interest formula:

Where
A is amount after time t
P is the principal
i is the interest
n is number of times compounded
t is time (in years)
.

A = $3840.25

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