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April 25, 2014

April 25, 2014

Posted by **Will** on Saturday, September 8, 2012 at 8:23pm.

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

I'm stuck with this question, please explain the steps for the answer.

- backwards?? -
**Damon**, Saturday, September 8, 2012 at 8:32pmAre you sure it is not 6% annual compounded semi-annually ?

- Math -
**Will**, Saturday, September 8, 2012 at 8:35pmNo Idea, the question completely asks that. I was thinking about 12% annually compounded, but the answer I got was wrong due to Solve and Check.

- Math -
**Damon**, Saturday, September 8, 2012 at 8:37pm15 years is 30 periods each 3% or multiply by 1.03 every six months

9000 = d * 1.03^30

9000 = 2.427262471 d

d = $ 3,707.88

- Math -
**Damon**, Saturday, September 8, 2012 at 8:40pm12% is way high and no one expresses compounding annually with semi annual interest rate. Typo in your book I suspect.

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