Question

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

Answer 1

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