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How much principal must be deposited to have a balance of $2,229, compounded semiannually at 3% for 3 years?

How much principal must be deposited to have a balance of $2,229, compounded semiannually at 3% for 3 years?
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How much principal must be deposited to have a balance of $2,229,

compounded semiannually at 3% for 3 years?

User Rogach
by
8.2k points

1 Answer

6 votes

Answer:

2038.51

Explanation:

Compound interest formula:


FV=PV(1+(i)/(n))^(n*t)\\2229=PV(1+(.03)/(2))^(2*3)\\2229=PV(1.093443264)\\2037.514547=PV

User Nick Moore
by
8.3k points
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