SOLUTION: If $15,000 is invested at an interest rate of 4% per year, compounded semiannually, find the value of the investment after 5 years. (Round your answers to the nearest cent.)

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Question 998533: If $15,000 is invested at an interest rate of 4% per year, compounded semiannually, find the value of the investment after 5 years. (Round your answers to the nearest cent.)
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
If $15,000 is invested at an interest rate of 4% per year, compounded semiannually, find the value of the investment after 5 years.
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A(t) = P(1+(r/n))^(nt)
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A(5) = 15000(1+(0.04/2))^(5*2)
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= 15000(1.02)^10
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= 18284.92
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Cheers,
Stan H.
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