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3 years ago

How much will jay investment be worth in eight years if she invested $13,500 at 5.2% in interest compounded semiannually

Mathematics

1 answer:

schepotkina [342]3 years ago

5 0

13,500 at 5.2 for 8 years compounded semi-annually.

Total = Principal * (1 + rate/n) ^n * years

where "n" = number of compounding periods per year.

Total = 13,500 * (1 + .052 / 2) ^ 2 * 8

Total = 13,500 * (1.026) ^ 16

Total = 13,500 * 1.5078487226

Total = 20,355.96

Source

1728.com/compint3.htm

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Step-by-step explanation:

we know that

The compound interest formula is equal to

$A=P(1+\frac{r}{n})^{nt}$

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A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

n is the number of times interest is compounded per year

Part A) Annual

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$t=5\ years\\ P=\$47,400\\ r=0.07\\n=1$

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$A=\$47,400(1+\frac{0.07}{1})^{1*5}$

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Part B) Semiannual

in this problem we have

$t=5\ years\\ P=\$47,400\\ r=0.07\\n=2$

substitute in the formula above

$A=\$47,400(1+\frac{0.07}{2})^{2*5}$

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Part C) Monthly

in this problem we have

$t=5\ years\\ P=\$47,400\\ r=0.07\\n=12$

substitute in the formula above

$A=\$47,400(1+\frac{0.07}{12})^{12*5}$

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Part D) Daily

in this problem we have

$t=5\ years\\ P=\$47,400\\ r=0.07\\n=365$

substitute in the formula above

$A=\$47,400(1+\frac{0.07}{365})^{365*5}$

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