Find the amount in an account if $35,200 is invested at 3.2% compounded semi-annually, for 7 years.

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asked Apr 25, 2018 157k views

1 Answer

Ericvg · Answer 1 · 2018-04-29T12:48:40+0000

The formula is
A=p (1+r/k)^kt
A future value?
P present value 35200
R interest rate 0.032
K compounded semiannual 2
T time 7 years
A=35,200×(1+0.032÷2)^(2×7)
A=43,959.69

Hope it helps!

Find the amount in an account if $35,200 is invested at 3.2% compounded semi-annually, for 7 years.

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