Question

Find the amount accumulated after

investing a principle P for t years and an
interest rate compounded twice a year.
P = $100 r = 3% t = 5
k=2
Hint: A = P(1 + E) kt
A = $[?]

Answer 1

A= $116.05

Explanation:

A=P(1+E)kt

A=100(1+0.03/2)^10

A= $116.05