Question

You deposit $10,000 in an account earning 8% interest, compounded semi-monthly (twice a month). You plan to leave the account untouched for 25 years. How much interest will you earn over the 25 years?

Answer 1

Po=10,000

10,000((1+.05/24)^600=34858.07, but $10000 must be subtracted because it was principal.

Interest is $24,858.07

Explanation: