SOLUTION: what principal will amount to $3000 if invested at 3% interest compounded semi annually for 10 years?

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Question 1045465: what principal will amount to $3000 if invested at 3% interest compounded semi annually for 10 years?
Found 2 solutions by josgarithmetic, MathTherapy:
Answer by josgarithmetic(39617) About Me  (Show Source):
You can put this solution on YOUR website!
3% annual rate is 3%2F2 percent semi annual rate.
10 years is 10%2A2=20 compounding periods.

Let p be the principal to invest at the beginning.
highlight_green%28p%2A%28%281%2F100%29%283%2F2%29%29%5E%282%2A10%29=3000%29

Answer by MathTherapy(10552) About Me  (Show Source):
You can put this solution on YOUR website!

what principal will amount to $3000 if invested at 3% interest compounded semi annually for 10 years?
Principal or Present Value = highlight_green%28%22%242%2C227.41%22%29