Question 747230: f $10,000 is invested at 2 percent semi-annually for 5 years, what is the amount at the end of the term?
Answer by Alan3354(69443)   (Show Source):
You can put this solution on YOUR website! If $10,000 is invested at 2 percent semi-annually for 5 years, what is the amount at the end of the term?
===============================
***** If you mean 2% per year compounded semi-anually you'll have to say that.
===================
Do it like this one:
----
If $10,000 is invested at 2 percent monthly for 5 years, what is the amount at the end of the term?
-----------------
FV = PV*(1 + r)^t
r = 2% = 0.02 per month
t = 60 months
----
FV = 10000*(1.02)^60
FV = $32810.38
|
|
|
