SOLUTION: Today is your 21th Birthday and you have $15,000 in your bank account, earning 4.5% interest compounded semiannually. How much will be in the account on your 50th birthday?
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Question 274959: Today is your 21th Birthday and you have $15,000 in your bank account, earning 4.5% interest compounded semiannually. How much will be in the account on your 50th birthday?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
P=(1+R/n)^T*n [P=principle, R=annual rate, n=number of periods per year & t= the number of years.]
15,000(1+.045/2)^29*2
15,000*1.0225^58
15,000*3.63473=$54,520.98 ANS. FOR THE AMOUNT OF THE INVESTMENT @ AGE 50.
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