SOLUTION: Suppose that $2000 is invested at a rate of 2.6% , compounded semiannually. Assuming that no withdrawals are made, find the total amount after 10 years. Do not round an

Question 1078764: Suppose that
$2000
is invested at a rate of
2.6%
, compounded semiannually. Assuming that no withdrawals are made, find the
total amount after
10
years.
Do not round any intermediate computations, and round your answer to the
nearest cent.

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Suppose that $2000 is invested at a rate of 2.6%, compounded semiannually.
Assuming that no withdrawals are made, find the total amount after 10 years.
Do not round any intermediate computations, and round your answer to the
nearest cent.
-----------------
A(t) = P(1+(r/n))^(n*t)
-----------------------------
A(10) = 2000(1+(0.026/2))^(2*10)
A(10) = 2000(1.295)
A(10) = $2589.52
-------------------
Cheers,
Stan H.
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