Wednesday

December 17, 2014

December 17, 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.

**Answer this Question**

**Related Questions**

Math - How much must you deposit in an account that pays 6% semi-annual ...

Algebra - Show how you substitute the values into the formula, then use your ...

algebra - You deposit $500 in an account that pays 3% annual interest. Find the ...

math - If you have a savings of $2235 and deposit the amount into an account ...

math - This problem has to do with exponential models. The question says, you ...

math - You deposit $24000 in an account that pays 2.4% annual interest ...

math - you deposit $2200 in an account that pays 3% annual interest. after 15 ...

math - You deposit $2200 in an account that pays 3% annual interest. After 15 ...

Finance - You deposit $1000 for 5 years at 4% annual interest. In 5 years, you ...

math - You deposit $7,900 in a money-market account that pays an annual interest...