Business math
posted by Anonymous .
Sam Monte deposits $21,500 into Legal Bank which pays 6 percent interest that is compounded semiannually. By using the table in the handbook, what will Sam have in his account at the end of 6 years?

What handbook???

The formula for compound interest is:
A = P(1 + r/n)^(nt), where A is the total amount, P is the principal, t is the time in years, r is the interest rate, and n is how many times a year it is compounded.
A = 21,500(1 + 0.06/2)^(2*6)
Solve from there. 
He borrowed $500 for seven months and paid 53.96 in interest. what was the rate of interest?

22
Respond to this Question
Similar Questions

Math
Sam gets deposits a total of $3500 every three months to the bank which earns a 6.5% p/a. After five years how much will he have in his account? 
Math
If you deposit $900 semiannually in a bank which pays 6% interest compounded semiannually and make no more deposits after 7 years, what is the balance in the account 8 yrs. later from the last deposit? 
Math
Roiger made deposits of $900 semiannually to the bank, which pays 6% interest compounded semiannually. After 7 yrs., he makes no more deposits. What would be the balance in the account 8 yrs. later from the last deposit? 
Business Math
Shelley Katz deposited $30,000 in a savings account at 5% interest compounded semiannually. At the beginning of year 4, Shelley deposits an additional $80,000 at 5% interest compounded semiannually. At the end of 6 years, what is the … 
Business Math
2. The interest on $6,000 at 6 percent compounded semiannually for 8 years is: (Use table in the handbook) (Points : 1) 
math
Juanita Finn deposits $12,000 into an account at Valley Bank that pays 8% interest compounded quarterly. At the end of 5 years, how much will Juanita have in her account? 
business math
If you make two equal deposits now and 5 years from now into an account that pays interest at a rate of 4% compounded annually. IF the goal; is to have $12,000 in the account 12 years from now, what should each of the deposits be? 
Finance
Solution needed . You need to have $50000 at the end of 10 years .To accumulate this sum, you have decided to save a certain amount at the end of each of the next 10 years and deposits it in the bank. the bank pays 8 percent interest … 
math
Ben deposits $400 into an account that earns 5% interest compounded annually. Sam deposits the same amount into an account that earns 5% simple interest. Compare the account balances after 2 years. 
PRECALCULUS
. Sam won $150,000 in the Michigan lottery and decides to invest the money for retirement in 20 years. Find the accumulated value for Samâ€™s retirement for each of his options: (a) a certificate of deposit paying 5.4% compounded yearly …