Question 968008: If $10,000 is invested at an interest rate of 2% per year, compounded semiannually, find the value of the investment after the given number of years. (Round your answers to the nearest cent.)
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! If $10,000 is invested at an interest rate of 2% per year, compounded semiannually, find the value of the investment after the given number of years. (Round your answers to the nearest cent.)
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Note:: The "given # of years" was not given.
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Assuming that number was 5 you would get:
A(5) = 10,000(1+(0.02/2))^(2*5)
A(5) = 10,000(1.01)^10 = $11046.22
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Cheers,
Stan H.
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