SOLUTION: how do you show your work on this problem? jimmy invest $4,000.00 in an account that pays 5% annaual interest,componded semiannually . what is his balance, to the nearest cent at

Question 954645: how do you show your work on this problem?
jimmy invest $4,000.00 in an account that pays 5% annaual interest,componded semiannually . what is his balance, to the nearest cent at the end of 10 years?

Answer by josgarithmetic(39630) (Show Source): You can put this solution on YOUR website!
Exponential growth. The number of compoundings in 10 years will be 20, as semiannually.

The rate per period is .
The balance will be . You can work through the pattern year by year
if you want to start simpler and work upward to the pattern.

First period, .
Second period for the first year, .
All twenty periods for the ten years, .

You could use log table or scientific calculator to help with computing that result.

$6554.5 to nearest half dollar

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