SOLUTION: p=3500 r=8% and t-14 compounded semiannually

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Question 189936: p=3500 r=8% and t-14 compounded semiannually
Answer by jojo14344(1513) About Me  (Show Source):
You can put this solution on YOUR website!


Working Eqn ----> F=P%281%2Bi%2Fm%29%5E%28mn%29,
where,
F= Future Value=F
P= Principal=3,500
i= interest=8%
n= terms/years=14
m= no. of times compounded=2 (semi annually)


F=3500%281%2B0.08%2F2%29%5E%2814%2A2%29---> F=3500%281%2B0.04%29%5E28
F=3500%281.04%29%5E28
F=3500%282.9987%29
red%28F=10495%29

Thank you,
Jojo