SOLUTION: a savings account investment of $1400 at 9% coumpounded yearly for 6 months what is the future value?
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Question 473362: a savings account investment of $1400 at 9% coumpounded yearly for 6 months what is the future value?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
a savings account investment of $1400 at 9% coumpounded yearly for 6 months what is the future value?
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A(t) = P(1 + (r/n))^(nt)
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A(1/2) = 1400(1 + (0.09/1))^(1/2)
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A(1/2) = 1500(1.09)^(1/2) = 1500*1.044 = $1566.05
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Cheers,
Stan H.
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