SOLUTION: Find the compound amount for the deposit. Round to the nearest cent. $15,000 at 8% compounded semiannually for 10 years

SOLUTION: Find the compound amount for the deposit. Round to the nearest cent. $15,000 at 8% compounded semiannually for 10 years

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Question 1140425: Find the compound amount for the deposit. Round to the nearest cent.
$15,000 at 8% compounded semiannually for 10 years
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
This is 15000*(1+.08/2)^20, divide the interest rate by number of times compounded per year and raise to the total number of compoundings that occur.
15000(1.04^20) round at end.
=$32866.85
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