Jimmy invests $4,000 in an account that pays 5% annual interest, compounded semiannually. What is his balance, to the nearest ce
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Answer:
Enter a payment of 5192.52.
Step-by-step explanation:
Consider the provided information.
The payment is $4800 with a 4 month, 8% note.
The amount can be calculated as:
Where <em>p</em> is money invested, <em>r</em> is annual interest rate, <em>t</em> is number of years and <em>m</em> is number of period.
Now substitute p = 4800 r = 0.08 and m = 4 in the above formula.
Hence, enter a payment of 5192.52.