Homework Help: Math

Posted by Sara on Wednesday, April 9, 2008 at 7:21pm.

Find the amount of money in the account at the end.

$1000.00, 4 years,
7% compounded semi-annually

A=P(1+r/n)^nt
r=0.07, t=4, P=$1000.00, n=2
A=P(1+r/n)^nt
A=$1000.00(1+0.07/2)^2-4
A=$1000(1.035)^8
A=$1000(1.316809037)
A=$1,316.809037
My answer is: A=$1316.81 is this right?

Math - bobpursley, Wednesday, April 9, 2008 at 8:31pm
http://www.money-zine.com/Calculators/Retirement-Calculators/Compound-Interest-Calculator/

Yes.

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