SOLUTION: find the compund amount for the following deposit. $16,000 at 3% compounded semi-annually for 5 years

SOLUTION: find the compund amount for the following deposit. $16,000 at 3% compounded semi-annually for 5 years

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Question 366674: find the compund amount for the following deposit.
$16,000 at 3% compounded semi-annually for 5 years
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=16000(1+0.03/2)^5*2
A=16000(1.161)18,576
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