SOLUTION: find the compunded amount for the deposits $15,000 at 4.6% compounded semiannually for 11 years

Question 539948: find the compunded amount for the deposits $15,000 at 4.6% compounded semiannually for 11 years
Answer by jpg7n16(66) (Show Source): You can put this solution on YOUR website!
The equation you need to solve this problem is:

Where:
x = the final resulting sum of money
p = original principal
i = interest rate of the compounding period
n = number of compounding periods
.
.
P is given in the problem.

To calculate i, you should take the annual rate and adjust it to the semiannual rate (semiannual meaning twice per year), by dividing by 2.

Likewise, adjust the timeframe to find the number of compounding periods.

Then, just plug in your figures into the equation.

After 11 years of semiannual compounding, the $15,000 will grow to $24,737.47.
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