Jaaacobv01
Answered

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If you invest $20,500 in an account yielding 4.95% interest compounded semi-annually. How much will be in the account after 10 years?

Sagot :

Answer: 33428.15.

Step-by-step explanation:

ivorypenguins
Answer:

In 10 years you would have saved $33,428.15.

Explanation:

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

A = The final amount

P = The intial principal balance: $20,500

R = The interest rate: 4.95%

N = The number of times interest is applied per period: Semi annually (1.5)

T= The time periods elapsed: 10 years

A = 20,500 (1+4.95/1.5)^(1.5•10)


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