SOLUTION: what would be the total investment and the interest earned when $2,500 is invested at 5% compounded semiannually for 3 years?

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Question 717720: what would be the total investment and the interest earned when $2,500 is invested at 5% compounded semiannually for 3 years?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
what would be the total investment and the interest earned when $2,500 is invested at 5% compounded semiannually for 3 years?
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A(t) = P(1+(r/n))^(nt)
A(3) = 2500(1+(0.05/2))^(2*3)
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A(3) = $2899.23
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Interest = 2899.23-2500 = $399.23
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Cheers,
Stan H.