Sophie deposited money into an account in which interest is compounded semiannually at a rate of 3.2%. She made no other deposits or withdrawals and the total amount in her account after 7 years was $13,

asked Jul 28, 2018 66.4k views

1 vote

5.4k points

Please log in or register to add a comment.

5 votes

13987.17=p(1+0.032/2)^2*7
Solve for p
P=13,987.17÷((1+0.032÷2)^(14))
P=11,199.99

Bryan Fok answered Aug 4, 2018

6.5k points

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

6.5m questions

8.7m answers