SOLUTION: I have done this work before and I had no problem but now I have a fraction so I am lost. P(1+r/2)^2 P =5670 R=3.5 I know how to do this but the fraction is what throwing

Algebra ->  Polynomials-and-rational-expressions -> SOLUTION: I have done this work before and I had no problem but now I have a fraction so I am lost. P(1+r/2)^2 P =5670 R=3.5 I know how to do this but the fraction is what throwing      Log On


   

Question 706518: I have done this work before and I had no problem but now I have a fraction so I am lost.
P(1+r/2)^2
P =5670
R=3.5
I know how to do this but the fraction is what throwing me off.
Help please and thank you.

Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
P(1+(r/2))^2
P =5670
R=3.5
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Note: Is rate = 3.5 or 3.5% ?
I'll assume it is 3.5%
------------------------------
= 5670(1+(0.035)/2))^2
-----
= 5670(1.0175)^2
---
= 5670(1.0353)
---
= $5870.19
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Cheers,
Stan H.
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