document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=956608>Question 956608</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find the amount owed at the end of 7 years of $3100 is loaned at a rate of 5% compounded semiannually. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #584431 by </B><A HREF=/tutors/aboutme.mpl?userid=lwsshak3><B>lwsshak3(11628)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=lwsshak3><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=584431\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Find the amount owed at the end of 7 years of $3100 is loaned at a rate of 5% compounded semiannually.<BR>\n" );
document.write( "***<BR>\n" );
document.write( "Compound Interest Formula: A=P(1+r/n)^nt, P=initial investment, r=interest rate, n=number of compounding periods per year, A=amt after t-years<BR>\n" );
document.write( "For given problem:<BR>\n" );
document.write( "P=3100<BR>\n" );
document.write( "r=.05<BR>\n" );
document.write( "n=2<BR>\n" );
document.write( "t=7<BR>\n" );
document.write( "..<BR>\n" );
document.write( "A=3100(1+.05/2)^(2*7)<BR>\n" );
document.write( "A=3100(1.025)^14<BR>\n" );
document.write( "A&#8776;4380<BR>\n" );
document.write( "amount owed at the end of 7 years &#8776;$4,380 </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );