evelynnnp95 evelynnnp95

29-05-2014
Mathematics

Answered

if $6700is invested at 4.6%interest compounded semiannually how much will the investment be worth in 15 years?

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kate200468 kate200468

31-05-2014

\(4.6\%\ \ annually\ \ \rightarrow\ \ 2.3\%\ \ semiannually \\semiannually \ \ \ \ \rightarrow\ \ 30\ times\ the\ interest\ capitalization\\\\Sum=\$6700\cdot(1+ \frac{2.3}{100} )^{30}=\$6700\cdot1.023^{30}\approx\$13253.90\)

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