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August 27, 2014

August 27, 2014

Posted by **Will** on Saturday, September 8, 2012 at 8:29am.

that pays 6% semi-annual interest, compounded annually, to have a balance of $9000 in 15 years?

- Math -
**Henry**, Sunday, September 9, 2012 at 10:56pmP = Po(1+r)^n.

P = $9,000.

r = (2*6%/100%) = 0.12 = Annual % rate expressed as a decimal.

n = 1Comp./yr * 15yrs = 15 Compounding

periods.

P = Po(1.12)^15 = 9,000.

Po = 9000 / (1.12)^15 = $1644.27.

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