You invest \$720 in an account that has an annual interest rate of 6.2%, compounded semiannually. How much money will be in the account after 5 years?
Amount(t) = Initial(1 + rate/number of compounds)^number or compounds * time so A = P(1+r/n)^nt. [ In this, P = 720, n = 2, r = .062, t = 5. so A = 720(1+.062/2)^(5*2) = 720(1.031)^10 = 977 dollars. ]
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Asked 7/5/2013 5:01:31 AM
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