SOLUTION: If $20,000 is invested at 4% compound semiannually, how much is present at the end of 15 years? Round your answer to the nearest lowest dollar. Thanks in advance :)

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Question 387364: If $20,000 is invested at 4% compound semiannually, how much is present at the end of 15 years? Round your answer to the nearest lowest dollar.
Thanks in advance :)
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
If $20,000 is invested at 4% compound semiannually, how much is present at the end of 15 years? Round your answer to the nearest lowest dollar.
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A(t) = P(1+(r/n))^(nt)
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A(15) = 20,000*(1+(0.04/2))^(2*15)
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A(15) = 20,000*(1.02)^30
A(15) = 20,000*1.811362
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A(15) = $36227.23
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Cheers,
Stan H.
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