SOLUTION: A principal of $6500 is invested in an account paying an annual rate of 7%. Find the amount in the account after 3 years of the account is compounded semiannually
Algebra ->
Customizable Word Problem Solvers
-> Numbers
-> SOLUTION: A principal of $6500 is invested in an account paying an annual rate of 7%. Find the amount in the account after 3 years of the account is compounded semiannually
Log On
Question 1091482: A principal of $6500 is invested in an account paying an annual rate of 7%. Find the amount in the account after 3 years of the account is compounded semiannually Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! The formula is A=Ao(1+(0.07)/2)^6, where the interest is halved and the number of compoundings doubled.
round at the end.
6500*(1.035)^6=$7990.16
