SOLUTION: What initial investment at 7% compounded semiannually for 3 years will accumulate to $10,000?

Algebra ->  Logarithm Solvers, Trainers and Word Problems -> SOLUTION: What initial investment at 7% compounded semiannually for 3 years will accumulate to $10,000?      Log On


   

Question 870443: What initial investment at 7% compounded semiannually for 3 years will accumulate to $10,000?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
In General A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29
A = Accumulated Amount $10,000
P= principal =
r= annual rate = .07
n= periods per year = 2 (semiannually)
t= years = 3
%2810000%29%2F%281.035%29%5E6+= P