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If $3,000 is deposited at the end of every six months into an account that earns 10% semiannually, find the amount after 10 years.

2 Answers

2 votes

Answer:

$66,000

Explanation:

if they earn 6,000 every year and another $600 through interest, add 6,000 + 600 = 6,600 x 10 = $66,000.

User SDD
by
7.3k points
7 votes

Answer:

7959.83

Explanation:

A = P ( 1+r/n)^ nt

Where A is the amount in the account

P is the principal

r is the rate

n is the number of compoundings per year

t is the years

A =3000 ( 1+.10/2)^ 2*10

A =3000 ( 1+.05)^ 20

=7959.83

User Kalita Alexey
by
8.7k points

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