Posted by Helen on Saturday, August 11, 2012 at 10:02pm.
6%pa compounded semiannually
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 sixmonth 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
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