What is the answer to financial polyminals P= 5670 + r = 3.5% P dollars is invested at annual interest interest is compounded semiannually
To find the answer to the financial polynomial equation P = 5670 + r = 3.5%, where P represents the amount of dollars invested at an annual interest rate compounded semiannually, we need to use the compound interest formula.
The formula for compound interest is given by:
A = P (1 + r/n)^(n*t)
Where:
A = the future value of the investment
P = the principal amount (initial investment)
r = annual interest rate (expressed as a decimal)
n = number of times interest is compounded per year
t = number of years
In this case, since the interest is compounded semiannually, we have n = 2, and the interest rate is 3.5%, which translates to r = 0.035. The principal amount is given as P = 5670.
Now, substituting the values into the compound interest formula, we get:
A = 5670 (1 + 0.035/2)^(2*t)
Since we don't have the value of t, we cannot directly solve for the answer to the financial polynomial equation. We need to know the time period involved (t) to calculate the future value (A).
If you have the value of t, you can substitute it into the equation to find the future value (A) of the investment.