SOLUTION: Felipe deposited $4000 into an account with 4.1% interest, compounded semiannually. Assuming that no withdrawals are made, how much will he have in the account after 3 years?

Question 672524: Felipe deposited $4000 into an account with 4.1% interest, compounded semiannually. Assuming that no withdrawals are made, how much will he have in the account after 3 years?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Felipe deposited $4000 into an account with 4.1% interest, compounded semiannually. Assuming that no withdrawals are made, how much will he have in the account after 3 years?
------
A(t) = P(1+(r/n))^(nt)
----
A(3) = 4000(1+(0.041/2))^(2*3)
---------
A(3) = $4517.91
==================
Cheers,
Stan H.
===========
RELATED QUESTIONS
David deposited $4000 into an account with 4% interest, compounded annually. Assuming... (answered by josgarithmetic)

Shawn deposited 4000 into an account with interest, compounded quarterly. Assuming that... (answered by lynnlo)

Latoya deposited $4000 into an account with 2.3% interest, compounded quarterly. Assuming (answered by ikleyn)

John deposited $4000 into an account with 3.6% of interest compounded semiannually no... (answered by josgarithmetic)

John deposited $4000 into an account with three points of interest compounded... (answered by MathLover1,josmiceli,MathTherapy)

Eric deposited $4000 into an account with 2.4% interest, compounded annually.... (answered by Fombitz)

Deon deposited $4000 into an account with 3.6% interest, compounded monthly.... (answered by Boreal)

Alonzo deposited $4000 into an account with 5.2% interest, compounded annually.... (answered by Boreal)

Christine deposited $4000 into an account with 5% interest, compounded quarterly.... (answered by addingup)