SOLUTION: $700 at 8% compounded semiannually for 4 years how do I solve this please help

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Question 943436: $700 at 8% compounded semiannually for 4 years
how do I solve this please help
Found 3 solutions by rfer, MathTherapy, stanbon:
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
FV=700(1+0.07/2)^(4*2)
FV=700(1.035)^8
FV=700(1.3168)
FV=921.76

Answer by MathTherapy(10557) About Me  (Show Source):
You can put this solution on YOUR website!

$700 at 8% compounded semiannually for 4 years
how do I solve this please help 


A+=+P%281+%2B+i%2Fm%29%5E%28mt%29, with:

A being future value

P being principal, initial amount invested, or present value

i being interest rate

m being number of compounding periods, per year

t being time money is invested, in years

We then get: A+=+700%281+%2B+.08%2F2%29%5E%282%2A4%29

A+=+700%281+%2B+.04%29%5E8

A+=+700%281.04%29%5E8

A, or future value = 700(1.36856905), or highlight_green%28A=%22%24%22958%29

Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
$700 at 8% compounded semiannually for 4 years
----------------------
A(t) = P(1+(r/n))^(nt)
A(4) = 700(1+(0.08/2))^(2*4)
------
A(4) = 700(1.04)^8
----
A(4) = 700*1.3686
----
A(4) = $958.00
---------------------
Cheers,
Stan H.
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