HalCr207 HalCr207
  • 13-02-2022
  • Mathematics
contestada

$4750 invested at 10% p.a compounded semiannually for 10 years, calculate the interest

Respuesta :

jimthompson5910 jimthompson5910
  • 13-02-2022

Answer:  $7,853.16

Work Shown:

A = P*(1+r/n)^(n*t)

A = 4750*(1+0.10/2)^(2*10)

A = 12,603.164099436

A = 12,603.16

That represents the account balance after 10 years. To find the interest only, subtract off the deposit amount.

interest = A-P = 12,603.16 - 4,750 = 7,853.16

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