document.write( "Question 539948: find the compunded amount for the deposits $15,000 at 4.6% compounded semiannually for 11 years \n" ); document.write( "

Algebra.Com's Answer #353692 by jpg7n16(66) $\"\"$ $\"About$

You can put this solution on YOUR website!
The equation you need to solve this problem is:
\n" ); document.write( " $\"x=p%2A%28%281%2Bi%29%5En%29\"$
\n" ); document.write( "Where:
\n" ); document.write( "x = the final resulting sum of money
\n" ); document.write( "p = original principal
\n" ); document.write( "i = interest rate of the compounding period
\n" ); document.write( "n = number of compounding periods
\n" ); document.write( ".
\n" ); document.write( ".
\n" ); document.write( "P is given in the problem.
\n" ); document.write( " $\"p=15000\"$
\n" ); document.write( "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.
\n" ); document.write( " $\"i=.046%2F2=.023\"$
\n" ); document.write( "Likewise, adjust the timeframe to find the number of compounding periods.
\n" ); document.write( " $\"n=11%2A2=22\"$
\n" ); document.write( "Then, just plug in your figures into the equation.
\n" ); document.write( " $\"x=15000%2A%28%281%2B.023%29%5E22%29=15000%2A1.694164=24737.47\"$
\n" ); document.write( "After 11 years of semiannual compounding, the $15,000 will grow to $24,737.47. \n" ); document.write( "

\n" );