1. Questions

math

Romy invested $5,000 into an account that pays 5% compound semi-annually. He intended to keep the account untouched for five years. However, after three years he had to withdraw $3,000. Find the amount left in the account five years from the time he made his investment.

  1. 👍
  2. 👎
  3. 👁
Lula

  1. So you have the three years + what is left at the two years
    A=p(1+i)^n for the first three years BUT the rate was given for 5 years
    A=5000(1 +.05/2)^3x2
    A=5000(1.025)^6
    A=5000(1.159693418)
    A=5798.85 after the three years...
    Then he took out 3000 so the new Principal is 2798.47
    using A=p(1+i)^n
    You figure out the next 2 years :)

    1. 👍
    2. 👎
    MsPi_3.14159265

Respond to this Question

First Name

Your Response

Similar Questions

  1. Maths

    On the 1st of January 2014, Carol invested some money in a bank account. The account pays 2.5% compound interest per year. On the 1st of January 2015, Carol withdrew £1000 from the account. On the 1st of January 2016, she had

  2. Linear Programming - Math

    An investor has up to $450,000 to invest in two types of investment. Types A pays 6% annually and type B pays 10% annually. To have a well-balanced portfolio, the investor imposes the following conditions. At least one-half of the

  3. Math

    System Of Elimination: Greg invested $11,000 in two accounts. The first account pays 5% interest per year. The second account pays 8% interest per year. Greg earned a total of $752.50 in interest at the end of the first year. How

  4. algebra

    Solve the problem. Helen Weller invested $15,000 in an account that pays 12% simple interest. How much additional money must be invested in an account that pays 15% simple interest so that the total interest is equal to the

  1. fin

    If you deposit $10,000 in a bank account that pays 10 percent interest annually, how much money will be in your account after 5 year?

  2. mat h

    ms. buxx invested a total of $2000 in two savings accounts. The first account pays 3% interest per year and the second account pays 5% interest per yera. If the interest from both accounts totals $84 per yera, how much is invested

  3. Math

    Sara buys a washer and a dryer for $2112.She pays $500 and borrows the remaining amount. A year and a half later she pays off the loan, which compounded semi-annually, was Sara being charged.

  4. math

    Find the balance in an account that has $700 invested at 5.5% for 4 years compounded semi-annually.

  1. General Mathematics

    Kelly plans to put her graduation money into an account and leave it there for 4 years while she goes to college. She receives 15,000 in graduation money that she puts it into an account that earns 5% interest compounded

  2. math

    Mr. Wilson invested money in two accounts. His total investment was $40,000. If one account pays 4% in interest and the other pays 8% in interest, how much does he have in each account if he earned a total of $2,720 in interest in

  3. College Alg.

    An investor has up to $650,000 to invest in two types of investments. Type A pays 13% annually and type B pays 7% annually. To have a well-balanced portfolio, the investor imposes the following conditions. At least one-half of the

  4. history

    Heather bought a ten-year maturity corporate bond when it was issued for $1,000. The bond has an annual interest rate of seven percent and pays interest semi-annually. How much does she receive every six months?

You can view more similar questions or ask a new question.