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makvit [3.9K]
3 years ago
11

Suppose you put $100 into a savings account today, the account pays a nominal annual interest rate of 6%, compounded semiannuall

y, and you withdraw $100 after 6 months. What would your ending balance be 20 years after the initial $100 deposit was made? a. $ 62.91 b. $ 9.50 c. $115.35 d. $ 3.00 e. $226.20
Business
1 answer:
polet [3.4K]3 years ago
8 0

The ending balance will be $9.50

Option b

<u>Explanation:</u>

Given:

Principal amount = $100

Annual interest rate = 6%

Compounding is semi-annual

To find: The ending balance

Balance after 6 months = 100+0.06*100/2 = $103

Hence, balance remaining after withdrawal of $100 = $3

Remaining periods =

Balance after 20 years = Future Value (0.06/2,39,0, -3) = $9.50

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per \: capita \: gdp \:  =  \frac{country's \: total \: GDP }{country's \: total \: population}

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