Register
Suppose that $2000 is loaned at a rate of 16.5%, compounded semiannually. Assuming that no payments are made, find the amount owed after 10 years. Do not round any intermediate computations, and round
22.0k views
1 vote
Suppose that $2000 is loaned at a rate of 16.5%, compounded semiannually. Assuming that no payments are made, find the amount owed after 10 years.

Do not round any intermediate computations, and round your answer to the nearest cent.

User William Langlois
by
8.4k points

1 Answer

6 votes
To find compound semiannually, the formula is A=P(1+r/n)^nt

For this problem the equation would be
A = 2000(1+.165/2)^2(10)

Plug this into the calculator to get

9763.1080595

Round to to nearest cent to get

9763.11

Answer: $9763.11
User Ben Lachman
by
7.4k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.1m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
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
Link Copied!