SOLUTION: $720 earning 6.2% interest compounded semiannually for 5 years

Question 307881: $720 earning 6.2% interest compounded semiannually for 5 years
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!

Formula for Amount at the end of frame time
P=c(1+r/n)^n*t
C= $730
r= 6.2%
n=2
t=5
P= 730(1 + 0.062/2)^2*5
= $990.62
Interest = $260.62
RELATED QUESTIONS
$24,000 is deposited for 5 years in an account earning 7% interest. (Round your answers... (answered by josgarithmetic)

$24,000 is deposited for 5 years in an account earning 7% interest. (Round your answers... (answered by Boreal)

Find the final amount if $750 is invested at 5% interest compounded semiannually for 20... (answered by rfer)

please help me find the answer for this question You deposit $5,700 in an account... (answered by josgarithmetic)

$300 earning 4.5% interest compounded quarterly for 3... (answered by checkley77)

$300 earning 4.5% interest compounded quarterly for 3... (answered by mananth)

$2000 earning 5.5% interest compounded daily for 3... (answered by mananth)

Find the accumulated interest of an investment of
$17,000 at 6% compounded... (answered by Edwin McCravy)
$900 invested at 5% for 10 years compounded... (answered by mananth)