SOLUTION: I've been trying to figure this one out for a while now.. Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t yr. (Round your answe

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Question 605481: I've been trying to figure this one out for a while now..
Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t yr. (Round your answer to the nearest cent.)
P = $1000, r = 5%, t = 6.5, compounded semiannually
Can you also tell me what formula you used? Thanks
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!




Where is the future value, is the present value, is the annual interest rate expressed as a decimal, is the number of compounding periods per year (semi-annual = 2), and is the number of years. Plug in your values and do the arithmetic.

John

My calculator said it, I believe it, that settles it
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