document.write( "Question 1173696: $15000 is invested at 5% per year compounded semi-annually for 3 years. Find the amount obtained at the end of this period. \n" ); document.write( "

Algebra.Com's Answer #798980 by mila nedic(19) $\"\"$ $\"About$

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The formula for compound interest is: $\"A=P%281%2Br%2Fn%29%5Ent\"$
\n" ); document.write( "A=amount, P=principal, r=interest rate (decimal), n=number of times compounded per unit \"t\", t=time
\n" ); document.write( "P=15000
\n" ); document.write( "r=0.05
\n" ); document.write( "n=2
\n" ); document.write( "t=3
\n" ); document.write( "Now we have to input the numbers into the formula:
\n" ); document.write( " $\"A=15000%281%2B0.05%2F2%29%5E%282%2A3%29\"$ ≈17395.40
\n" ); document.write( "Answer is rounded to the nearest hundredth.
\n" ); document.write( "Therefore the amount obtained is approximately $17395.40 or $32395.40 in total.\r
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