Saturday

August 23, 2014

August 23, 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.

**Related Questions**

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

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

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

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 - 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 ...

Simple & Compounding Interest - I am SO STUCK on this problem... PLEASE HELP ...

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 ...