Posted by **Helen** on Saturday, August 11, 2012 at 10:02pm.

6%pa compounded semi-annually

Principal-$6000

I need to find out how many interest periods for the amount to grow to $9500.

What is the formula too pleae.

- Maths -
**drwls**, Sunday, August 12, 2012 at 2:37am
Each interest period increases the principal by 3%. After N six-month interest periods,

Principal = 9500 = 6000*(1.03)^N

9500/6000 = 1.58333 = 1.03^N

N = Log1.58333/Log1.03= 15.55

If compounding only occurs once every six months, you will need to 16 interest periods to raise the principal above $9500

## Answer this Question

## Related Questions

- MATHS - A SUM OF MONEY IS KEPT IN A BANK AT 8% INTEREST COMPOUNDED ANNUALLY.HAD ...
- Math help - a $6000 principal earns 8% interest compounded semi annually after ...
- Kirr - *solve execises by using compounded interest formula Principal $ 700 ...
- Compound interest - Hello My teacher skipped over this and I have no clue how to...
- Finance - A 10-year bond has a coupon rate of 7% annually and a principal ...
- Personal finance - A 10 year bond has a coupon rate of 7% annually and a ...
- math - how long will it take to earn $787.50 on $5000 at 5 1/4%(percent) what is...
- Math - The present value of an annuity due of $400 payable semi-annually is $...
- Math - A boat costs $92,000 and depreciates in value by 15% per year. How much ...
- Algebra - Show how you substitute the values into the formula, then use your ...