Suppose that $2000 is invested at a rate of 2.6% , compounded semiannually. Assuming that no withdrawals are made, find the tota
l amount after 10 years.
2 answers:
Answer:
$2,589.52
Step-by-step explanation:

We start with the compound interest formula above, where
A = future value
P = principal amount invested
r = annual rate of interest written as a decimal
n = number of times interest is compound per year
t = number of years
For this problem, we have
P = 2000
r = 0.026
n = 2
t = 10,
and we find A.


Compound interest formula:
Total = principal x ( 1 + interest rate/compound) ^ (compounds x years)
Total = 2000 x 1+ 0.026/2^20
Total = $2,589.52
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