Posted by Anonymous on Saturday, July 9, 2011 at 7:55pm.
Sam Monte deposits $21,500 into Legal Bank which pays 6 percent interest that is compounded semiannually. By using the table in the handbook, what will Sam have in his account at the end of 6 years?

Business math  Ms. Sue, Saturday, July 9, 2011 at 7:56pm
What handbook???

Business math  Anonymous, Saturday, July 9, 2011 at 8:04pm
The formula for compound interest is:
A = P(1 + r/n)^(nt), where A is the total amount, P is the principal, t is the time in years, r is the interest rate, and n is how many times a year it is compounded.
A = 21,500(1 + 0.06/2)^(2*6)
Solve from there.

Business math  Cindy, Monday, October 22, 2012 at 6:54pm
He borrowed $500 for seven months and paid 53.96 in interest. what was the rate of interest?

Business math  bob, Monday, October 27, 2014 at 4:12pm
22
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