Principal Amount = P = $885
Amount Accumulated = A = $3500
Interest rate = r = 12% = 0.12
Compounding period in a year = n = 2
Time in years = t = ?
The formula for compounding is:
Using the values, we get:
This means, it will take him 11.8 or approximately 12 years
Amount Accumulated = A = $3500
Interest rate = r = 12% = 0.12
Compounding period in a year = n = 2
Time in years = t = ?
The formula for compounding is:
Using the values, we get:
This means, it will take him 11.8 or approximately 12 years