Register
A $3,500 principal earns 3% annual interest, compounded semiannually (twice per year). After 20 years, what is the balance in the account? a. $7,700.00 b. $4,713.99 c. $5,600.00 d. $6,349.06
25.8k views
1 vote
A $3,500 principal earns 3% annual interest, compounded semiannually (twice per year). After 20 years, what is the balance in the account?

a. $7,700.00 b. $4,713.99 c. $5,600.00 d. $6,349.06

User Tulsi Kumar
by
8.1k points

1 Answer

3 votes
how many semiannual periods are there in 20 years... 20×2 = 40

FW = PW(1+i)^N
FW = $3500(1+0.03)^40

solve for FW
(sorry no calculator on me)
User Proxi
by
7.7k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!