Four students spoke to the Parents Club for a total of 2/3 hour. Each student spoke for the same amount of time. How long did ea
ch student speak?
1 answer:
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The future value of $1,000 invested at 8% compounded semiannually for five years is
<u>Solution:</u>
----------- equation 1
A = future value
P= principal amount
i = interest rate
n = number of times money is compounded
P = 1000
i = 8 %
(Compounding period for semi annually = 2)
Dividing “i” by compounding period
Solving for future value using equation 1