math

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$18,500 at 4.5% compounded semiannually for 5 years

  • math -

    18500 * (1 + .045/2)^10

  • math -

    $18,500 at 4.5% compounded semiannually for 5 years

    A(t) = P(1 + r/n)^nt
    A(5) = 18500(1 + 0.045/2)^(2(5))
    A(5) = 18500(1 + 0.0225)^10
    A(5) = 18500(1.0225)^10
    A(5) = 18500(1.24920)
    A(5) = 23110.26 interest

    18,500 + I = total value after 5 yrs

  • math -

    I think A(5) is the total value.

  • math -

    Yes, Damon is right.

    A(5) is the total value.

    I meant to put,
    $18,500 + 4610.26 Interest = $23,110.26
    after 5 years

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